Black Swift Group LLC Takes Position in Corning Incorporated (NYSE:GLW)

Black Swift Group LLC acquired a new position in Corning Incorporated (NYSE:GLW) during the 3rd quarter, HoldingsChannel reports. The fund acquired 70,000 shares of the electronics maker’s stock, valued at approximately $3,160,000.

Other institutional investors have also recently made changes to their positions in the company. MBB Public Markets I LLC boosted its stake in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the period. Dark Forest Capital Management LP acquired a new position in Corning during the 2nd quarter worth approximately $511,000. National Pension Service increased its position in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of Corning during the 3rd quarter worth about $5,705,000. Finally, Jackson Square Capital LLC purchased a new stake in Corning during the third quarter worth approximately $990,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.0 %

Shares of GLW stock opened at $47.20 on Thursday. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business’s fifty day moving average price is $45.51 and its 200 day moving average price is $41.33. The firm has a market capitalization of $40.41 billion, a PE ratio of 277.71, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The company 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GLW shares. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

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.