Global X Japan Co. Ltd. Makes New Investment in Corning Incorporated (NYSE:GLW)

Global X Japan Co. Ltd. bought a new position in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 832 shares of the electronics maker’s stock, valued at approximately $40,000.

Several other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Corning by 13.8% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 91,959 shares of the electronics maker’s stock valued at $4,370,000 after purchasing an additional 11,183 shares in the last quarter. Socha Financial Group LLC boosted its holdings in shares of Corning by 13.8% during the 4th quarter. Socha Financial Group LLC now owns 59,962 shares of the electronics maker’s stock valued at $2,849,000 after buying an additional 7,264 shares in the last quarter. Greenspring Advisors LLC purchased a new stake in shares of Corning in the 4th quarter worth about $204,000. Financial Advocates Investment Management increased its stake in shares of Corning by 6.2% in the 4th quarter. Financial Advocates Investment Management now owns 10,362 shares of the electronics maker’s stock worth $492,000 after acquiring an additional 609 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its position in Corning by 25.9% during the 4th quarter. Bleakley Financial Group LLC now owns 15,506 shares of the electronics maker’s stock valued at $737,000 after acquiring an additional 3,190 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GLW shares. Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. HSBC raised Corning from a “hold” rating to a “buy” rating and raised their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Barclays cut their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Down 1.2 %

Shares of Corning stock opened at $52.99 on Friday. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $49.13 and its 200 day moving average is $45.88. The company has a market cap of $45.37 billion, a price-to-earnings ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,085 shares of company stock valued at $2,345,436. Insiders own 0.40% of the company’s stock.

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.