Two Point Capital Management Inc. increased its holdings in Corning Incorporated (NYSE:GLW – Free Report) by 0.9% during the third quarter, HoldingsChannel.com reports. The fund owned 75,928 shares of the electronics maker’s stock after buying an additional 656 shares during the period. Corning makes up approximately 1.3% of Two Point Capital Management Inc.’s holdings, making the stock its 23rd largest holding. Two Point Capital Management Inc.’s holdings in Corning were worth $3,428,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of GLW. MBB Public Markets I LLC increased its stake in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the period. Dark Forest Capital Management LP acquired a new position in Corning in the 2nd quarter valued at $511,000. National Pension Service increased its stake in Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after buying an additional 152,922 shares during the period. Raymond James & Associates increased its stake in Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after buying an additional 42,818 shares during the period. Finally, Empowered Funds LLC increased its stake in Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after buying an additional 5,081 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.
Corning Price Performance
Corning stock opened at $48.24 on Thursday. Corning Incorporated has a 52 week low of $26.94 and a 52 week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $44.83 and its 200 day simple moving average is $40.75. The firm has a market capitalization of $41.30 billion, a PE ratio of 283.76, a P/E/G ratio of 1.51 and a beta of 1.03.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s dividend payout ratio (DPR) is 658.82%.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on GLW shares. Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock 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.
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