Sumitomo Mitsui Trust Group Inc. Has $87.45 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Corning Incorporated (NYSE:GLW) by 0.5% in the third quarter, Holdings Channel reports. The institutional investor owned 1,936,928 shares of the electronics maker’s stock after acquiring an additional 10,311 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Corning were worth $87,452,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. raised its position in Corning by 25.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock valued at $752,000 after purchasing an additional 4,588 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Corning by 35.4% during the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock worth $640,000 after buying an additional 5,081 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in shares of Corning by 4.9% during the 1st quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock worth $329,000 after buying an additional 464 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Corning by 11.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock worth $3,601,000 after buying an additional 10,980 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Corning by 23.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 992,459 shares of the electronics maker’s stock valued at $32,711,000 after buying an additional 187,281 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on GLW shares. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Susquehanna upped 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, Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Corning stock opened at $47.05 on Friday. The stock’s 50 day moving average is $45.51 and its 200 day moving average is $41.33. 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 $40.28 billion, a P/E ratio of 276.76, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is 658.82%.

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.