GAMMA Investing LLC Acquires 4,833 Shares of Corning Incorporated (NYSE:GLW)

GAMMA Investing LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 236.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,875 shares of the electronics maker’s stock after purchasing an additional 4,833 shares during the period. GAMMA Investing LLC’s holdings in Corning were worth $310,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Czech National Bank lifted its stake in Corning by 6.8% during the third quarter. Czech National Bank now owns 156,883 shares of the electronics maker’s stock worth $7,083,000 after purchasing an additional 9,970 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Corning by 0.8% during the third quarter. Handelsbanken Fonder AB now owns 434,609 shares of the electronics maker’s stock worth $19,623,000 after buying an additional 3,325 shares in the last quarter. Bard Financial Services Inc. acquired a new stake in shares of Corning during the third quarter worth approximately $993,000. Quent Capital LLC increased its holdings in shares of Corning by 64.9% during the third quarter. Quent Capital LLC now owns 1,936 shares of the electronics maker’s stock worth $87,000 after buying an additional 762 shares in the last quarter. Finally, Goelzer Investment Management Inc. acquired a new stake in shares of Corning during the third quarter worth approximately $2,961,000. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. UBS Group raised their price objective on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, June 17th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $46.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Price Performance

GLW opened at $46.02 on Friday. The company has a fifty day moving average price of $42.07 and a two-hundred day moving average price of $38.66. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45. The firm has a market capitalization of $39.42 billion, a PE ratio of 64.82, a P/E/G ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the business earned $0.45 EPS. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.43%. Corning’s dividend payout ratio is 157.75%.

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.