Mizuho Markets Americas LLC Invests $2.06 Million in Corning Incorporated (NYSE:GLW)

Mizuho Markets Americas LLC purchased a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 45,600 shares of the electronics maker’s stock, valued at approximately $2,059,000.

A number of other hedge funds also recently bought and sold shares of the company. MBB Public Markets I LLC raised its holdings in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in Corning in the 2nd quarter worth approximately $511,000. National Pension Service lifted its position in Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after acquiring an additional 152,922 shares in the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Corning in the 3rd quarter worth $5,705,000. Finally, Jackson Square Capital LLC purchased a new position in shares of Corning in the third quarter worth $990,000. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

Shares of NYSE:GLW opened at $46.49 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a P/E/G ratio of 1.49 and a beta of 1.03. The firm has a fifty day moving average price of $45.74 and a 200 day moving average price of $41.53. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03.

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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business posted $0.45 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 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.