Corning Incorporated (NYSE:GLW) Shares Bought by Brown Lisle Cummings Inc.

Brown Lisle Cummings Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,050 shares of the electronics maker’s stock after purchasing an additional 250 shares during the quarter. Brown Lisle Cummings Inc.’s holdings in Corning were worth $770,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. Price T Rowe Associates Inc. MD boosted its position in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Corning by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after purchasing an additional 42,832 shares in the last quarter. Natixis increased its holdings in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the period. Finally, Raymond James & Associates raised its position in Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Oppenheimer lifted their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Trading Up 0.3 %

Shares of GLW opened at $46.66 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45. The stock has a market cap of $39.97 billion, a price-to-earnings ratio of 65.72, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. The firm has a 50 day simple moving average of $43.16 and a 200-day simple moving average of $39.37.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 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.