Corning Incorporated (NYSE:GLW) Shares Bought by abrdn plc

abrdn plc boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 69.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 320,341 shares of the electronics maker’s stock after acquiring an additional 131,455 shares during the period. abrdn plc’s holdings in Corning were worth $9,754,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Harvest Investment Advisors LLC raised its position in shares of Corning by 1.0% in the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock valued at $1,106,000 after buying an additional 364 shares during the last quarter. Venture Visionary Partners LLC raised its position in shares of Corning by 2.0% in the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after buying an additional 380 shares during the last quarter. Fiera Capital Corp raised its position in shares of Corning by 2.7% in the third quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock valued at $450,000 after buying an additional 385 shares during the last quarter. New World Advisors LLC raised its position in shares of Corning by 3.5% in the fourth quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after buying an additional 400 shares during the last quarter. Finally, Western Wealth Management LLC raised its position in shares of Corning by 1.6% in the third quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock valued at $784,000 after buying an additional 405 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GLW shares. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $34.78.

Corning Price Performance

Shares of NYSE GLW opened at $31.33 on Friday. The firm has a market capitalization of $26.80 billion, a P/E ratio of 46.76, a PEG ratio of 1.74 and a beta of 1.08. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company’s fifty day moving average is $32.28 and its two-hundred day moving average is $30.45. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 EPS. Analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.