Gotham Asset Management LLC Buys Shares of 6,449 Corning Incorporated (NYSE:GLW)

Gotham Asset Management LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,449 shares of the electronics maker’s stock, valued at approximately $306,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Corning during the 4th quarter valued at about $490,933,000. Amundi increased its position in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock valued at $186,186,000 after purchasing an additional 2,268,436 shares during the last quarter. Mariner LLC increased its position in shares of Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Corning during the 4th quarter valued at about $92,522,000. Finally, Appaloosa LP purchased a new stake in shares of Corning during the 4th quarter valued at about $71,280,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. Bank of America increased their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.08.

Corning Stock Down 0.4%

NYSE GLW opened at $47.94 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market capitalization of $41.06 billion, a P/E ratio of 82.66, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $35.40 and a one year high of $55.33. The stock has a 50 day moving average price of $44.70 and a 200-day moving average price of $47.50.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 EPS. As a group, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.34%. Corning’s dividend payout ratio is presently 215.38%.

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

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.