Corning Incorporated (NYSE:GLW) Shares Purchased by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Corning Incorporated (NYSE:GLW) by 699.9% during the third quarter, Holdings Channel.com reports. The firm owned 6,743 shares of the electronics maker’s stock after purchasing an additional 5,900 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Corning were worth $304,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. City Holding Co. grew its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Access Investment Management LLC purchased a new stake in shares of Corning during the 1st quarter worth $28,000. Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 1st quarter worth $33,000. Register Financial Advisors LLC acquired a new position in shares of Corning during the 1st quarter worth $33,000. Finally, ESL Trust Services LLC purchased a new position in shares of Corning in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $46.85 on Tuesday. The firm has a market cap of $40.13 billion, a PE ratio of 65.99, a P/E/G ratio of 1.72 and a beta of 1.04. The firm has a 50 day simple moving average of $42.52 and a 200-day simple moving average of $38.99. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the company earned $0.45 EPS. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.39%. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on GLW shares. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Barclays upped their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Citigroup lifted their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday, July 9th. Finally, Argus raised their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $47.23.

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.