Godsey & Gibb Inc. Increases Stock Position in Corning Incorporated (NYSE:GLW)

Godsey & Gibb Inc. increased its position in shares of Corning Incorporated (NYSE:GLW) by 0.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 453,788 shares of the electronics maker’s stock after buying an additional 2,653 shares during the period. Corning makes up about 2.0% of Godsey & Gibb Inc.’s investment portfolio, making the stock its 28th biggest position. Godsey & Gibb Inc.’s holdings in Corning were worth $20,489,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD raised its holdings 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 acquiring an additional 4,464,893 shares in the last quarter. Natixis raised its stake in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of 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 purchasing an additional 1,003,556 shares during the last quarter. Shellback Capital LP acquired a new position in Corning in the second quarter worth about $34,483,000. Finally, Los Angeles Capital Management LLC bought a new stake in Corning in the second quarter valued at about $20,651,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.3 %

Shares of GLW opened at $46.66 on Monday. The company has a 50-day simple moving average of $43.16 and a 200-day simple moving average of $39.37. The firm has a market capitalization of $39.97 billion, a P/E ratio of 65.72, a P/E/G ratio of 1.74 and a beta of 1.04. 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 Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Ratings Changes

A number of research firms have commented on GLW. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays lifted their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

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.