Corning Incorporated (NYSE:GLW) Shares Purchased by Two Point Capital Management Inc.

Two Point Capital Management Inc. lifted its holdings in Corning Incorporated (NYSE:GLW) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,928 shares of the electronics maker’s stock after acquiring an additional 656 shares during the quarter. Corning accounts for 1.3% of Two Point Capital Management Inc.’s holdings, making the stock its 23rd biggest position. Two Point Capital Management Inc.’s holdings in Corning were worth $3,428,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. MBB Public Markets I LLC increased its stake in shares of Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the period. Dark Forest Capital Management LP purchased a new stake in Corning during the second quarter worth $511,000. National Pension Service boosted its holdings in Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after buying an additional 152,922 shares in the last quarter. Raymond James & Associates boosted its holdings in Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares in the last quarter. Finally, Empowered Funds LLC boosted its holdings in Corning by 35.4% during the first quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock worth $640,000 after buying an additional 5,081 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Barclays increased 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. Finally, UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Price Performance

Corning stock opened at $48.24 on Thursday. Corning Incorporated has a 12-month low of $26.94 and a 12-month high of $51.03. The stock has a market cap of $41.30 billion, a P/E ratio of 283.76, a PEG ratio of 1.51 and a beta of 1.03. The company has a 50-day moving average price of $44.83 and a 200 day moving average price of $40.75. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the business earned $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s dividend payout ratio is presently 658.82%.

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.