Eastern Bank Invests $118,000 in Corning Incorporated (NYSE:GLW)

Eastern Bank bought a new stake in Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,612 shares of the electronics maker’s stock, valued at approximately $118,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 purchasing an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP raised its stake 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 buying an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings 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 buying an additional 42,832 shares during the last quarter. Natixis increased its holdings in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in shares of 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 acquiring an additional 42,818 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GLW shares. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a report on Tuesday, July 9th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Bank of America boosted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Citigroup boosted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Price Performance

Shares of NYSE GLW opened at $46.81 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock has a market cap of $40.10 billion, a price-to-earnings ratio of 65.93, a PEG ratio of 1.77 and a beta of 1.04. The company’s 50-day moving average price is $43.61 and its 200 day moving average price is $39.63. Corning Incorporated has a 52 week low of $26.37 and a 52 week high of $47.72.

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

Corning Announces Dividend

The business 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. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Corning’s dividend payout ratio is currently 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.