Jackson Square Capital LLC Acquires New Position in Corning Incorporated (NYSE:GLW)

Jackson Square Capital LLC acquired a new stake in Corning Incorporated (NYSE:GLW) during the third quarter, Holdings Channel.com reports. The fund acquired 21,931 shares of the electronics maker’s stock, valued at approximately $990,000.

A number of other hedge funds have also added to or reduced their stakes in GLW. Norden Group LLC increased its stake in Corning by 91.9% in the first quarter. Norden Group LLC now owns 17,449 shares of the electronics maker’s stock valued at $575,000 after acquiring an additional 8,357 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its stake in Corning by 119.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 27,087 shares of the electronics maker’s stock valued at $893,000 after acquiring an additional 14,744 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Corning by 199.5% during the first quarter. Larson Financial Group LLC now owns 3,262 shares of the electronics maker’s stock worth $108,000 after buying an additional 2,173 shares during the last quarter. Empirical Finance LLC grew its stake in shares of Corning by 3.5% during the first quarter. Empirical Finance LLC now owns 27,805 shares of the electronics maker’s stock worth $916,000 after buying an additional 939 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake 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 worth $752,000 after buying an additional 4,588 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 2.0 %

Corning stock opened at $48.24 on Thursday. The company has a market capitalization of $41.30 billion, a P/E ratio of 283.76, a P/E/G ratio of 1.51 and a beta of 1.03. 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 has a 50 day moving average price of $44.83 and a 200-day moving average price of $40.75. Corning Incorporated has a twelve month low of $26.94 and a twelve month high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company posted $0.45 EPS. Corning’s revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts predict 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. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Bank of America boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus 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.