Moody Lynn & Lieberson LLC Takes $208,000 Position in Corning Incorporated (NYSE:GLW)

Moody Lynn & Lieberson LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 4,600 shares of the electronics maker’s stock, valued at approximately $208,000.

Several other large investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Corning by 2.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after purchasing an additional 42,832 shares during the last quarter. Natixis lifted its stake in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after buying an additional 42,818 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on GLW. Citigroup raised their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Barclays raised their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. UBS Group raised their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Finally, Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Price Performance

NYSE:GLW opened at $46.25 on Friday. The business’s 50-day moving average price is $43.74 and its 200 day moving average price is $39.68. The firm has a market cap of $39.62 billion, a P/E ratio of 65.14, a PEG ratio of 1.77 and a beta of 1.04. Corning Incorporated has a 52-week low of $26.37 and a 52-week high of $47.72. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal 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 paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.42%. Corning’s dividend payout ratio is currently 157.75%.

Corning Company 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.