Corning Incorporated (NYSE:GLW) Shares Purchased by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP boosted its holdings in Corning Incorporated (NYSE:GLW) by 15.0% in the third quarter, HoldingsChannel.com reports. The firm owned 7,156 shares of the electronics maker’s stock after acquiring an additional 935 shares during the period. Baker Avenue Asset Management LP’s holdings in Corning were worth $323,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Corning by 25.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock valued at $752,000 after acquiring an additional 4,588 shares during the period. Empowered Funds LLC boosted its holdings in shares of Corning by 35.4% during the first quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after acquiring an additional 5,081 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Corning by 7.3% during the first quarter. QRG Capital Management Inc. now owns 44,161 shares of the electronics maker’s stock valued at $1,456,000 after acquiring an additional 2,991 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Corning by 3.0% during the first quarter. ProShare Advisors LLC now owns 384,442 shares of the electronics maker’s stock valued at $12,671,000 after acquiring an additional 11,298 shares during the period. Finally, Bleakley Financial Group LLC boosted its holdings in shares of Corning by 4.9% during the first quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock valued at $329,000 after acquiring an additional 464 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $48.92 on Tuesday. The company’s 50-day moving average price is $45.10 and its two-hundred day moving average price is $41.05. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $41.89 billion, a PE ratio of 287.76, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.41 and a 52 week high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued 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 yield of 2.29%. Corning’s payout ratio is presently 658.82%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GLW shares. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.