Baldwin Investment Management LLC Buys New Position in Corning Incorporated (NYSE:GLW)

Baldwin Investment Management LLC purchased a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,000 shares of the electronics maker’s stock, valued at approximately $226,000.

Other large investors have also modified their holdings of the company. City Holding Co. grew its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Accordant Advisory Group Inc acquired a new position in shares of Corning in the 2nd quarter valued at $39,000. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the 3rd quarter worth $39,000. Global Trust Asset Management LLC lifted its position in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in Corning during the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Corning Stock Up 0.5 %

Shares of GLW opened at $48.22 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.29 billion, a P/E ratio of 283.65, a PEG ratio of 1.53 and a beta of 1.03. The stock’s 50 day moving average is $46.62 and its two-hundred day moving average is $42.32. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during 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%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 EPS. Analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Analyst Ratings Changes

A number of research firms recently commented on GLW. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a report on Tuesday. Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Corning has an average 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.