Atomi Financial Group Inc. Buys Shares of 4,798 Corning Incorporated (NYSE:GLW)

Atomi Financial Group Inc. purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the third quarter, Holdings Channel.com reports. The institutional investor purchased 4,798 shares of the electronics maker’s stock, valued at approximately $217,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Price T Rowe Associates Inc. MD grew its holdings in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP grew its stake in Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Natixis grew its stake in Corning by 2,405.2% in the first 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Corning by 10,626.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares during the last quarter. Finally, Shellback Capital LP acquired a new stake in Corning during the second quarter valued at approximately $34,483,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.0 %

Shares of GLW stock opened at $46.46 on Monday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $47.45. The firm has a market capitalization of $39.80 billion, a PE ratio of 65.44, a price-to-earnings-growth ratio of 1.72 and a beta of 1.04. The stock has a fifty day moving average of $42.34 and a two-hundred day moving average of $38.89. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, research analysts expect 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. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.41%. Corning’s payout ratio is 157.75%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on GLW. HSBC upgraded 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. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Oppenheimer increased their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Finally, Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

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.