Weiss Asset Management LP Acquires Shares of 24,117 Corning Incorporated (NYSE:GLW)

Weiss Asset Management LP bought a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 24,117 shares of the electronics maker's stock, valued at approximately $1,089,000.

Other large investors also recently modified their holdings of the company. City Holding Co. boosted its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning during the 3rd quarter valued at approximately $40,000. Global Trust Asset Management LLC boosted its position in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker's stock valued at $45,000 after acquiring an additional 473 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on GLW shares. Mizuho raised Corning from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Oppenheimer reissued an "outperform" rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research report on Wednesday, December 4th. Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Finally, Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $50.08.

Corning Stock Performance

GLW traded down $1.05 during mid-day trading on Monday, reaching $48.51. 4,301,142 shares of the company traded hands, compared to its average volume of 5,574,285. Corning Incorporated has a 52-week low of $29.14 and a 52-week high of $51.03. The company's fifty day moving average price is $47.29 and its 200-day moving average price is $43.08. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.53 billion, a P/E ratio of 285.35, a P/E/G ratio of 1.58 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is 658.82%.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company's stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

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.