Zacks Investment Management Acquires New Holdings in Corning Incorporated (NYSE:GLW)

Zacks Investment Management bought a new position in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 105,700 shares of the electronics maker’s stock, valued at approximately $4,772,000.

Several other hedge funds have also recently bought and sold shares of the stock. West Oak Capital LLC increased its position in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares in the last quarter. SteelPeak Wealth LLC raised its stake in shares of Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust lifted its holdings in shares of Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. grew its holdings in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after buying an additional 250 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Down 0.4 %

GLW stock opened at $49.56 on Monday. Corning Incorporated has a one year low of $28.76 and a one year high of $51.03. The stock has a market cap of $42.43 billion, a price-to-earnings ratio of 291.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.03. The company has a fifty day moving average price of $47.23 and a two-hundred day moving average price of $42.99. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

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. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 EPS. Equities analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 2.26%. Corning’s payout ratio is currently 658.82%.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through 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 value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on GLW. Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Wednesday, December 4th. Finally, Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average 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.