Corning Incorporated (NYSE:GLW) Shares Acquired by Fmr LLC

Fmr LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 52.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,723,044 shares of the electronics maker’s stock after acquiring an additional 1,285,836 shares during the period. Fmr LLC owned approximately 0.43% of Corning worth $168,095,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after acquiring an additional 38,168 shares during the last quarter. Swiss National Bank grew its position in shares of Corning by 0.6% in the third quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock valued at $109,060,000 after purchasing an additional 14,900 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of 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 worth $87,452,000 after purchasing an additional 10,311 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its position in shares of Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

Corning Price Performance

NYSE GLW opened at $49.24 on Tuesday. The company has a 50-day moving average price of $46.87 and a two-hundred day moving average price of $42.66. The stock has a market cap of $42.16 billion, a price-to-earnings ratio of 289.65, a price-to-earnings-growth ratio of 1.56 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. Corning Incorporated has a 52 week low of $28.30 and a 52 week high of $51.03.

Corning (NYSE:GLW) last announced its earnings results 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 return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the business earned $0.45 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business 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 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 yield of 2.27%. Corning’s payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Barclays upped their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their price target on 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 given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.08.

About Corning

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.