Mitsubishi UFJ Securities Holdings Co. Ltd. Acquires 2,490 Shares of Corning Incorporated (GLW)

Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 711.4% in the third quarter, Holdings Channel reports. The institutional investor owned 2,840 shares of the electronics maker’s stock after purchasing an additional 2,490 shares during the quarter. Mitsubishi UFJ Securities Holdings Co. Ltd.’s holdings in Corning were worth $100,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. BlackRock Inc. increased its holdings in shares of Corning by 0.8% during the 2nd quarter. BlackRock Inc. now owns 55,077,324 shares of the electronics maker’s stock valued at $1,515,178,000 after purchasing an additional 451,656 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Corning by 7.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 13,189,684 shares of the electronics maker’s stock valued at $465,596,000 after purchasing an additional 941,964 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Corning by 2.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,227,051 shares of the electronics maker’s stock valued at $290,419,000 after purchasing an additional 214,078 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Corning by 20.2% during the 2nd quarter. Janus Henderson Group PLC now owns 5,868,673 shares of the electronics maker’s stock valued at $161,450,000 after purchasing an additional 986,397 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Corning by 75.5% during the 3rd quarter. FMR LLC now owns 3,683,896 shares of the electronics maker’s stock valued at $130,041,000 after purchasing an additional 1,584,369 shares in the last quarter. 70.83% of the stock is owned by institutional investors.

In other Corning news, insider David L. Morse sold 30,151 shares of Corning stock in a transaction on Friday, November 30th. The shares were sold at an average price of $32.16, for a total transaction of $969,656.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Lewis A. Steverson sold 12,577 shares of Corning stock in a transaction on Monday, November 26th. The stock was sold at an average price of $31.47, for a total transaction of $395,798.19. The disclosure for this sale can be found here. Insiders sold a total of 77,975 shares of company stock worth $2,622,698 in the last three months. 0.46% of the stock is owned by corporate insiders.

Corning stock traded down $0.94 during trading on Thursday, reaching $31.21. The company had a trading volume of 61,557 shares, compared to its average volume of 4,965,922. Corning Incorporated has a 1-year low of $26.11 and a 1-year high of $36.56. The stock has a market capitalization of $25.73 billion, a P/E ratio of 18.09, a P/E/G ratio of 2.07 and a beta of 1.29. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.51 and a current ratio of 2.13.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter last year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 1.77 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.31%. Corning’s dividend payout ratio is currently 41.86%.

Several equities analysts have recently weighed in on GLW shares. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. UBS Group set a $33.00 target price on shares of Corning and gave the company a “hold” rating in a report on Tuesday, October 23rd. Argus lifted their target price on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a report on Thursday, September 20th. Citigroup cut their target price on shares of Corning from $40.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, October 24th. Finally, ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Corning has an average rating of “Buy” and an average price target of $36.11.

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Corning Profile

Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.

Read More: Earnings Per Share (EPS)

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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