Erste Asset Management GmbH Buys Shares of 79,000 Corning Incorporated (NYSE:GLW)

Erste Asset Management GmbH acquired a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 79,000 shares of the electronics maker's stock, valued at approximately $3,545,000.

Several other large investors have also recently modified their holdings of GLW. Dimensional Fund Advisors LP increased its position in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock valued at $401,826,000 after acquiring an additional 426,864 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock valued at $219,116,000 after purchasing an additional 38,168 shares during the period. FMR LLC raised its position in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Swiss National Bank lifted its holdings in Corning by 0.6% in the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker's stock worth $109,060,000 after buying an additional 14,900 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Corning by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker's stock worth $87,452,000 after buying an additional 10,311 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Mizuho raised Corning from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Susquehanna lifted their target price on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft lifted 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. Finally, UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $50.08.

Corning Stock Down 0.1 %

Shares of GLW traded down $0.07 during trading hours on Tuesday, hitting $49.17. The company had a trading volume of 2,933,893 shares, compared to its average volume of 5,607,225. The stock has a market capitalization of $42.10 billion, a price-to-earnings ratio of 289.24, a P/E/G ratio of 1.57 and a beta of 1.03. The firm has a fifty day moving average price of $46.95 and a 200-day moving average price of $42.76. Corning Incorporated has a 52-week low of $28.30 and a 52-week high of $51.03. 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 (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business 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 business's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 1.95 EPS 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 paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.28%. Corning's dividend payout ratio is 658.82%.

Insiders Place Their Bets

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

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.