Northwestern Mutual Wealth Management Co. Acquires 844 Shares of Corning Incorporated (NYSE:GLW)

Northwestern Mutual Wealth Management Co. raised its holdings in Corning Incorporated (NYSE:GLW) by 1.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 73,789 shares of the electronics maker’s stock after purchasing an additional 844 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Corning were worth $2,867,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Access Investment Management LLC acquired a new stake in Corning during the first quarter worth approximately $28,000. Future Financial Wealth Managment LLC bought a new position in shares of Corning in the first quarter worth $33,000. Register Financial Advisors LLC bought a new stake in shares of Corning during the 1st quarter worth approximately $33,000. ESL Trust Services LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $33,000. Finally, Riverview Trust Co bought a new position in Corning in the first quarter valued at approximately $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

GLW opened at $44.59 on Friday. The company has a market cap of $38.20 billion, a price-to-earnings ratio of 62.80, a PEG ratio of 1.73 and a beta of 1.04. The company’s fifty day moving average price is $41.77 and its two-hundred day moving average price is $38.27. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. 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 posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. On average, analysts expect that Corning Incorporated will post 1.91 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 paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.51%. Corning’s payout ratio is 157.75%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on GLW shares. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, June 17th. JPMorgan Chase & Co. boosted their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Barclays lifted their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

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.