Clearbridge Investments LLC Grows Stake in Corning Incorporated (NYSE:GLW)

Clearbridge Investments LLC increased its stake in shares of Corning Incorporated (NYSE:GLWGet Rating) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170,400 shares of the electronics maker’s stock after buying an additional 4,905 shares during the quarter. Clearbridge Investments LLC’s holdings in Corning were worth $5,369,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. NewEdge Wealth LLC purchased a new stake in shares of Corning during the first quarter valued at $486,000. Twin Tree Management LP grew its holdings in shares of Corning by 20,111.2% during the first quarter. Twin Tree Management LP now owns 234,854 shares of the electronics maker’s stock valued at $8,668,000 after buying an additional 233,692 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Corning by 1.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 184,544 shares of the electronics maker’s stock valued at $6,812,000 after buying an additional 2,651 shares during the last quarter. Resurgent Financial Advisors LLC purchased a new stake in shares of Corning during the first quarter valued at $349,000. Finally, BlackRock Inc. grew its holdings in shares of Corning by 0.7% during the first quarter. BlackRock Inc. now owns 54,112,594 shares of the electronics maker’s stock valued at $1,997,293,000 after buying an additional 384,619 shares during the last quarter. 69.00% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Down 0.2 %

Shares of NYSE GLW opened at $33.92 on Friday. Corning Incorporated has a 12-month low of $28.98 and a 12-month high of $43.47. The stock has a market cap of $28.69 billion, a PE ratio of 15.85, a P/E/G ratio of 2.53 and a beta of 1.05. The company has a current ratio of 1.51, a quick ratio of 0.94 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average of $31.85 and a 200 day moving average of $33.43.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. Corning had a net margin of 12.72% and a return on equity of 15.25%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the company earned $0.56 EPS. Corning’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 2.07 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, November 18th will be paid a $0.27 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $1.08 annualized dividend and a dividend yield of 3.18%. Corning’s dividend payout ratio (DPR) is 50.47%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GLW shares. Susquehanna Bancshares decreased their target price on shares of Corning from $40.00 to $39.00 in a research report on Wednesday, October 26th. Credit Suisse Group started coverage on shares of Corning in a research report on Tuesday, August 16th. They set a “neutral” rating and a $36.00 target price for the company. Morgan Stanley decreased their target price on shares of Corning from $40.00 to $36.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 11th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Corning from $37.00 to $35.00 in a research report on Wednesday, October 26th. Finally, Citigroup decreased their price objective on shares of Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, September 9th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $39.27.

Corning Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

See Also

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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