Optimal Asset Management Inc. Acquires 39,627 Shares of Corning Incorporated (NYSE:GLW)
Optimal Asset Management Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 115.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,841 shares of the electronics maker’s stock after purchasing an additional 39,627 shares during the period. Optimal Asset Management Inc.’s holdings in Corning were worth $1,517,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Wealth Quarterback LLC purchased a new position in shares of Corning during the 4th quarter valued at $21,935,010,000. Wellington Management Group LLP grew its position in shares of Corning by 79.5% during the 1st quarter. Wellington Management Group LLP now owns 43,344,435 shares of the electronics maker’s stock valued at $890,295,000 after purchasing an additional 19,190,516 shares in the last quarter. Norges Bank purchased a new position in shares of Corning during the 4th quarter valued at $232,539,000. Invesco Ltd. grew its position in shares of Corning by 120.3% during the 1st quarter. Invesco Ltd. now owns 9,835,832 shares of the electronics maker’s stock valued at $202,029,000 after purchasing an additional 5,370,587 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in shares of Corning by 11.9% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 19,919,567 shares of the electronics maker’s stock valued at $579,859,000 after purchasing an additional 2,120,941 shares in the last quarter. Hedge funds and other institutional investors own 73.18% of the company’s stock.
Corning stock traded down $0.39 during trading hours on Friday, reaching $25.42. The company had a trading volume of 131,336 shares, compared to its average volume of 7,811,159. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.18 and a quick ratio of 1.44. The company has a 50-day moving average price of $23.79 and a 200 day moving average price of $24.97. The firm has a market cap of $19.64 billion, a price-to-earnings ratio of 79.44, a P/E/G ratio of 13.47 and a beta of 1.09. Corning Incorporated has a 12-month low of $17.44 and a 12-month high of $34.26.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, May 28th. This represents a $0.88 annualized dividend and a dividend yield of 3.46%. Corning’s dividend payout ratio (DPR) is presently 50.00%.
A number of research analysts have recently commented on GLW shares. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, March 3rd. Barclays lowered shares of Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. JPMorgan Chase & Co. upped their target price on shares of Corning from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. Susquehanna Bancshares reiterated a “hold” rating and issued a $22.00 target price on shares of Corning in a research report on Tuesday, April 28th. Finally, Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Tuesday, April 28th. Eleven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $29.73.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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