KBC Group NV Increases Stock Position in Corning Incorporated (NYSE:GLW)

KBC Group NV increased its stake in shares of Corning Incorporated (NYSE:GLW) by 19.6% in the 3rd quarter, Holdings Channel reports. The firm owned 124,820 shares of the electronics maker’s stock after buying an additional 20,474 shares during the period. KBC Group NV’s holdings in Corning were worth $5,635,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. City Holding Co. lifted its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the period. Global Trust Asset Management LLC increased its position in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares during the period. Accordant Advisory Group Inc purchased a new position in Corning in the second quarter worth about $39,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 3rd quarter valued at about $45,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GLW shares. Barclays increased their price objective 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. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

GLW stock opened at $46.49 on Monday. The company has a market capitalization of $39.81 billion, a PE ratio of 273.47, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The company’s fifty day moving average price is $45.74 and its 200-day moving average price is $41.59. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. 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 issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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 is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. Corning’s dividend payout ratio is currently 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.