Pensioenfonds Rail & OV Buys New Stake in Corning Incorporated $GLW

Pensioenfonds Rail & OV bought a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 7,613 shares of the electronics maker’s stock, valued at approximately $1,171,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Western Pacific Wealth Management LP acquired a new position in shares of Corning during the third quarter worth $25,000. Kings Path Partners LLC acquired a new stake in Corning in the third quarter valued at $25,000. Atwood & Palmer Inc. acquired a new stake in Corning in the second quarter valued at $26,000. Rogco LP acquired a new stake in Corning in the second quarter valued at $27,000. Finally, Toth Financial Advisory Corp raised its position in Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 98 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on GLW shares. Zacks Research raised Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Citigroup restated a “buy” rating on shares of Corning in a research report on Tuesday, October 27th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 5th. Finally, UBS Group cut their price objective on Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $172.18.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by company insiders.

Corning Trading Down 4.6%

Shares of NYSE:GLW traded down $5.52 during midday trading on Friday, reaching $113.98. The company’s stock had a trading volume of 6,850,373 shares, compared to its average volume of 10,761,385. The firm has a market capitalization of $98.18 billion, a price-to-earnings ratio of 46.14, a PEG ratio of 1.47 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. The firm has a 50 day moving average price of $141.45 and a two-hundred day moving average price of $156.03. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm’s revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.67 earnings per share. As a group, analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. Corning’s dividend payout ratio (DPR) is 45.34%.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.