Corning Incorporated (NYSE:GLW) Shares Purchased by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC raised its stake in Corning Incorporated (NYSE:GLW) by 7.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,951 shares of the electronics maker’s stock after buying an additional 3,111 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Corning were worth $1,939,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Sageworth Trust Co purchased a new stake in shares of Corning during the third quarter valued at $519,000. Forsta AP Fonden raised its holdings in Corning by 12.8% during the 3rd quarter. Forsta AP Fonden now owns 169,300 shares of the electronics maker’s stock worth $7,644,000 after buying an additional 19,200 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Corning by 75.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,824 shares of the electronics maker’s stock valued at $4,344,000 after buying an additional 41,715 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Corning by 1.3% in the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after buying an additional 251 shares during the period. Finally, Lincoln Capital Corp increased its position in shares of Corning by 97.3% in the third quarter. Lincoln Capital Corp now owns 10,753 shares of the electronics maker’s stock worth $485,000 after acquiring an additional 5,303 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $46.25 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a market cap of $39.62 billion, a PE ratio of 65.14, a PEG ratio of 1.77 and a beta of 1.04. The firm’s 50 day moving average price is $43.86 and its 200 day moving average price is $39.78. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business 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%. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. As a group, research analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 annualized dividend and a dividend yield of 2.42%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Ratings Changes

GLW has been the subject of several research analyst reports. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Citigroup lifted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.