Mizuho Markets Americas LLC Acquires Shares of 45,600 Corning Incorporated (NYSE:GLW)

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

Other hedge funds and other institutional investors have also modified their holdings of the company. City Holding Co. grew its holdings in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after buying an additional 600 shares during the last quarter. Accordant Advisory Group Inc bought a new position in shares of Corning during the second quarter worth $39,000. Global Trust Asset Management LLC raised its holdings in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock worth $42,000 after acquiring an additional 900 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the third quarter worth $45,000. Finally, Venturi Wealth Management LLC increased its holdings in Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker's stock worth $45,000 after buying an additional 473 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on GLW. JPMorgan Chase & Co. upped 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. Susquehanna lifted their price target 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. Morgan Stanley reaffirmed an "equal weight" rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Finally, Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.08.

Corning Price Performance

Corning stock traded down $0.28 during midday trading on Friday, reaching $46.49. 3,655,835 shares of the company were exchanged, compared to its average volume of 5,084,251. The company has a market capitalization 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 company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The firm's 50-day simple moving average is $45.74 and its 200-day simple moving average is $41.53.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates 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 business's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. On average, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 yield of 2.41%. The ex-dividend date 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.