OLD National Bancorp IN Has $781,000 Position in Corning Incorporated (NYSE:GLW)

OLD National Bancorp IN grew its stake in Corning Incorporated (NYSE:GLW) by 13.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,295 shares of the electronics maker’s stock after purchasing an additional 2,114 shares during the period. OLD National Bancorp IN’s holdings in Corning were worth $781,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. MBB Public Markets I LLC boosted its position in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Corning during the 1st quarter worth approximately $653,000. Dark Forest Capital Management LP acquired a new stake in Corning during the 2nd quarter worth approximately $511,000. Financial Counselors Inc. boosted its position in Corning by 40.9% during the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock worth $10,316,000 after buying an additional 90,836 shares during the period. Finally, Raymond James & Associates boosted its position in Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on GLW shares. UBS Group raised their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Citigroup raised their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. HSBC upgraded shares of 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. JPMorgan Chase & Co. raised their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning Trading Up 0.8 %

Shares of GLW stock opened at $47.03 on Tuesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The company has a market cap of $40.29 billion, a price-to-earnings ratio of 66.24, a PEG ratio of 1.74 and a beta of 1.04. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $47.45. The firm has a fifty day moving average price of $43.31 and a 200-day moving average price of $39.47.

Corning (NYSE:GLW) last issued its quarterly earnings results 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. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the business posted $0.45 EPS. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.