Tokio Marine Asset Management Co. Ltd. Increases Stock Position in Corning Incorporated (NYSE:GLW)

Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Corning Incorporated (NYSE:GLW) by 22.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,662 shares of the electronics maker’s stock after acquiring an additional 4,521 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Corning were worth $1,113,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the period. Natixis lifted its position in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its stake in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Corning by 10,626.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Susquehanna lifted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

Shares of GLW stock opened at $46.49 on Friday. The firm’s 50 day moving average price is $45.63 and its 200-day moving average price is $41.37. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The firm has a market cap of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. As a group, equities research analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

About Corning

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.