International Assets Investment Management LLC Acquires 234,817 Shares of Corning Incorporated (NYSE:GLW)

International Assets Investment Management LLC raised its position in Corning Incorporated (NYSE:GLW) by 1,780.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 248,009 shares of the electronics maker’s stock after buying an additional 234,817 shares during the period. International Assets Investment Management LLC’s holdings in Corning were worth $11,198,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in Corning by 35.1% in the first 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 in the last quarter. Dimensional Fund Advisors LP boosted its position 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. boosted its position in Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after buying an additional 42,832 shares in the last quarter. Natixis boosted its position in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares in the last quarter. Finally, Raymond James & Associates boosted its position in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after buying an additional 42,818 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Down 2.0 %

Shares of NYSE GLW opened at $48.04 on Thursday. The company’s 50 day simple moving average is $44.27 and its 200 day simple moving average is $40.16. Corning Incorporated has a fifty-two week low of $26.41 and a fifty-two week high of $51.03. The firm has a market capitalization of $41.15 billion, a P/E ratio of 67.66, a P/E/G ratio of 1.73 and a beta of 1.04. 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 (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business posted $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is presently 157.75%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GLW shares. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Tuesday, July 9th. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Finally, Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning 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.