Gulf International Bank UK Ltd Has $2.88 Million Position in Corning Incorporated (NYSE:GLW)

Gulf International Bank UK Ltd decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,837 shares of the electronics maker’s stock after selling 2,546 shares during the period. Gulf International Bank UK Ltd’s holdings in Corning were worth $2,882,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. City Holding Co. raised its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. ESL Trust Services LLC bought a new position in shares of Corning in the first quarter valued at approximately $33,000. Accordant Advisory Group Inc bought a new stake in Corning during the second quarter worth $39,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning during the third quarter worth $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GLW. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citigroup increased their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

NYSE GLW opened at $48.24 on Thursday. The company’s 50 day simple moving average is $44.83 and its two-hundred day simple moving average is $40.75. 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 Incorporated has a 1 year low of $26.94 and a 1 year high of $51.03. The stock has a market capitalization of $41.30 billion, a PE ratio of 283.76, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $0.45 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

About Corning

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.