Corning Incorporated $GLW Stock: Commonwealth Equity Services LLC Raises Position

Commonwealth Equity Services LLC grew its stake in Corning Incorporated (NYSE:GLW) by 1.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 577,256 shares of the electronics maker’s stock after purchasing an additional 5,653 shares during the period. Commonwealth Equity Services LLC’s holdings in Corning were worth $88,759,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in shares of Corning by 13.4% during the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the last quarter. Bank of America Corp DE lifted its position in Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the last quarter. Wellington Management Group LLP boosted its stake in Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after buying an additional 4,446,514 shares during the period. Bank of New York Mellon Corp purchased a new position in Corning during the second quarter worth $1,510,911,000. Finally, Legal & General Group Plc purchased a new position in Corning during the second quarter worth $1,212,283,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of analyst reports. Weiss Ratings cut shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. UBS Group dropped their price target on shares of Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Morgan Stanley cut their price target on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 28th. Finally, Oppenheimer reduced their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $175.81.

Corning Price Performance

Corning stock opened at $106.03 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. The stock has a market cap of $91.34 billion, a price-to-earnings ratio of 42.93, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23. The firm has a 50-day moving average of $144.47 and a two-hundred day moving average of $155.55. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio is currently 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.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.