Corning Incorporated (NYSE:GLW) Shares Purchased by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 7.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,951 shares of the electronics maker’s stock after acquiring an additional 3,111 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Corning were worth $1,939,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Access Investment Management LLC bought a new stake in Corning in the first quarter valued at about $28,000. City Holding Co. increased 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 valued at $32,000 after acquiring an additional 600 shares during the last quarter. Register Financial Advisors LLC acquired a new stake in shares of Corning during the 1st quarter valued at approximately $33,000. ESL Trust Services LLC bought a new position in Corning during the first quarter worth $33,000. Finally, Accordant Advisory Group Inc acquired a new position in Corning in the second quarter worth $39,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 1.2 %

GLW stock opened at $46.25 on Friday. The firm’s 50-day moving average is $43.86 and its two-hundred day moving average is $39.78. The company has a market capitalization of $39.62 billion, a price-to-earnings ratio of 65.14, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. Corning Incorporated has a 52 week low of $26.37 and a 52 week high of $47.72. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.42%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Ratings Changes

GLW has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Oppenheimer increased their price target on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

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.