Principal Financial Group Inc. Boosts Position in Corning Incorporated (NYSE:GLW)

Principal Financial Group Inc. grew its holdings in Corning Incorporated (NYSE:GLW) by 1.4% during the 3rd quarter, Holdings Channel reports. The fund owned 890,981 shares of the electronics maker’s stock after purchasing an additional 12,451 shares during the period. Principal Financial Group Inc.’s holdings in Corning were worth $40,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. City Holding Co. boosted its holdings in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Global Trust Asset Management LLC lifted its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the period. ESL Trust Services LLC purchased a new stake in shares of Corning in the first quarter worth about $33,000. Accordant Advisory Group Inc acquired a new stake in Corning during the second quarter worth about $39,000. Finally, Future Financial Wealth Managment LLC acquired a new position in Corning in the third quarter valued at approximately $45,000. 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 analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Barclays increased their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Up 0.4 %

Shares of GLW stock opened at $48.92 on Tuesday. Corning Incorporated has a fifty-two week low of $27.41 and a fifty-two week high of $51.03. The firm has a market capitalization of $41.89 billion, a P/E ratio of 287.76, a PEG ratio of 1.56 and a beta of 1.03. The stock’s fifty day moving average is $45.10 and its two-hundred day moving average is $41.05. 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 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 company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the company earned $0.45 EPS. Corning’s revenue was up 6.9% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

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.