Corning Incorporated (NYSE:GLW) Shares Bought by Great Valley Advisor Group Inc.

Great Valley Advisor Group Inc. grew its position in Corning Incorporated (NYSE:GLW) by 101.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 11,581 shares of the electronics maker’s stock after purchasing an additional 5,835 shares during the period. Great Valley Advisor Group Inc.’s holdings in Corning were worth $523,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GLW. Dimensional Fund Advisors LP lifted its holdings in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after purchasing an additional 38,168 shares during the last quarter. Swiss National Bank lifted its stake in Corning by 0.6% in the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock valued at $109,060,000 after buying an additional 14,900 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Corning by 0.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after buying an additional 10,311 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

GLW stock opened at $48.00 on Wednesday. The company has a market cap of $41.10 billion, a PE ratio of 282.35, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average price of $46.53 and a two-hundred day moving average price of $42.28. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the business earned $0.45 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, research analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning’s payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

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.