Swedbank AB Purchases 14,403 Shares of Corning Incorporated (NYSE:GLW)

Swedbank AB lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 60.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 38,314 shares of the electronics maker’s stock after buying an additional 14,403 shares during the quarter. Swedbank AB’s holdings in Corning were worth $1,730,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of GLW. B. Riley Wealth Advisors Inc. grew its position in shares of Corning by 5.5% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 68,309 shares of the electronics maker’s stock worth $2,081,000 after buying an additional 3,540 shares during the period. Tidal Investments LLC grew its position in shares of Corning by 8.6% during the 1st quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock worth $1,657,000 after buying an additional 3,996 shares during the period. Advisory Resource Group acquired a new stake in shares of Corning during the 1st quarter worth approximately $225,000. Wahed Invest LLC grew its position in shares of Corning by 14.9% during the 1st quarter. Wahed Invest LLC now owns 14,914 shares of the electronics maker’s stock worth $492,000 after buying an additional 1,932 shares during the period. Finally, Atria Investments Inc grew its position in shares of Corning by 9.6% during the 1st quarter. Atria Investments Inc now owns 63,353 shares of the electronics maker’s stock worth $2,088,000 after buying an additional 5,526 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Corning Trading Up 0.5 %

Shares of Corning stock opened at $48.22 on Thursday. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The stock’s 50-day simple moving average is $46.62 and its 200 day simple moving average is $42.32. The stock has a market capitalization of $41.29 billion, a P/E ratio of 283.65, a P/E/G ratio of 1.54 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the business posted $0.45 EPS. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently declared 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 is presently 658.82%.

Analyst Ratings Changes

Several analysts recently issued reports on GLW shares. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. 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. Finally, StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Corning currently has a consensus 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.