Swedbank AB Purchases 14,403 Shares of Corning Incorporated (NYSE:GLW)

Swedbank AB raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 60.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,314 shares of the electronics maker’s stock after purchasing an additional 14,403 shares during the quarter. Swedbank AB’s holdings in Corning were worth $1,730,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD increased its stake in 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 buying an additional 4,464,893 shares during the last quarter. Natixis increased its position in shares of Corning by 2,405.2% during the first 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. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after acquiring an additional 1,003,556 shares during the period. Shellback Capital LP purchased a new position in Corning in the second quarter worth $34,483,000. Finally, Los Angeles Capital Management LLC purchased a new position in Corning in the second quarter worth $20,651,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.3 %

Corning stock opened at $46.66 on Friday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $47.45. The business has a fifty day moving average of $43.16 and a two-hundred day moving average of $39.28. The firm has a market cap of $39.97 billion, a P/E ratio of 65.72, a P/E/G ratio of 1.75 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 EPS. On average, analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 2.40%. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

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.