Baldwin Investment Management LLC Acquires New Position in Corning Incorporated (NYSE:GLW)

Baldwin Investment Management LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,000 shares of the electronics maker’s stock, valued at approximately $226,000.

Other institutional investors also recently bought and sold shares of the company. Transamerica Financial Advisors Inc. raised its position in shares of Corning by 529.6% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after buying an additional 13,907 shares during the period. Brooklyn Investment Group purchased a new stake in Corning in the third quarter valued at $76,000. FMR LLC lifted its stake in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Canton Hathaway LLC grew its holdings in shares of Corning by 15.8% during the 3rd quarter. Canton Hathaway LLC now owns 7,335 shares of the electronics maker’s stock worth $331,000 after purchasing an additional 1,000 shares during the period. Finally, Truvestments Capital LLC increased its position in shares of Corning by 13.4% during the 3rd quarter. Truvestments Capital LLC now owns 76,317 shares of the electronics maker’s stock worth $3,446,000 after purchasing an additional 9,017 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the topic of a number of recent analyst reports. Susquehanna upped their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock 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 company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of GLW opened at $48.22 on Thursday. 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 firm’s fifty day simple moving average is $46.62 and its 200-day simple moving average is $42.32. The firm has a market capitalization of $41.29 billion, a price-to-earnings ratio of 283.65, a PEG ratio of 1.53 and a beta of 1.03. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results 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 company 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%. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 earnings per share. Equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

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.