Check Capital Management Inc. CA Buys New Shares in Corning Incorporated (NYSE:GLW)

Check Capital Management Inc. CA purchased a new position in Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,050 shares of the electronics maker’s stock, valued at approximately $228,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Natixis boosted its position in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Los Angeles Capital Management LLC increased its stake in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC raised its holdings in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after buying an additional 1,026,626 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after buying an additional 1,003,556 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Down 0.3 %

Shares of Corning stock opened at $47.05 on Friday. The firm has a market cap of $40.28 billion, a price-to-earnings ratio of 276.76, a P/E/G ratio of 1.51 and a beta of 1.03. The stock has a 50-day simple moving average of $45.51 and a 200-day simple moving average of $41.33. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 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.