Swiss National Bank Acquires 14,900 Shares of Corning Incorporated (NYSE:GLW)

Swiss National Bank boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,415,500 shares of the electronics maker’s stock after buying an additional 14,900 shares during the period. Swiss National Bank’s holdings in Corning were worth $109,060,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. West Oak Capital LLC boosted its stake in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares during the period. Lake Street Advisors Group LLC raised its position in Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares in the last quarter. SteelPeak Wealth LLC raised its position in Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares in the last quarter. Grove Bank & Trust raised its position in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its position in Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on GLW. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Performance

GLW stock opened at $46.44 on Tuesday. The stock has a market capitalization of $39.76 billion, a PE ratio of 273.18, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock’s 50 day simple moving average is $45.85 and its 200 day simple moving average is $41.68.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio is presently 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.