B. Metzler seel. Sohn & Co. Holding AG Makes New $1.53 Million Investment in Corning Incorporated (NYSE:GLW)

B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Corning Incorporated (NYSE:GLW) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 33,932 shares of the electronics maker’s stock, valued at approximately $1,532,000.

Several other hedge funds also recently made changes to their positions in GLW. City Holding Co. increased its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Accordant Advisory Group Inc purchased a new stake in shares of Corning in the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC bought a new position in Corning during the 3rd quarter valued at approximately $39,000. Global Trust Asset Management LLC raised its stake in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning in the 3rd quarter worth about $45,000. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Up 1.4 %

NYSE:GLW opened at $48.50 on Friday. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The business has a fifty day moving average price of $46.33 and a 200-day moving average price of $41.96. The firm has a market capitalization of $41.52 billion, a price-to-earnings ratio of 285.26, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.95 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 paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GLW. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

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.