70,000 Shares in Corning Incorporated (NYSE:GLW) Bought by Black Swift Group LLC

Black Swift Group LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 70,000 shares of the electronics maker's stock, valued at approximately $3,160,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. West Oak Capital LLC increased its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock worth $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC grew its position in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock valued at $246,000 after buying an additional 232 shares during the last quarter. SteelPeak Wealth LLC lifted its stake in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock valued at $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust boosted its position in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock worth $55,000 after buying an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. raised its position in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock worth $770,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on GLW shares. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a report on Friday, September 20th. Morgan Stanley restated an "equal weight" rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Finally, Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. 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 a consensus price target of $50.08.

Corning Price Performance

NYSE:GLW traded down $0.16 during mid-day trading on Thursday, reaching $47.05. 3,505,999 shares of the company were exchanged, compared to its average volume of 5,688,563. The stock has a market cap of $40.28 billion, a PE ratio of 277.71, a PEG ratio of 1.55 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 quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $45.51 and a 200 day moving average of $41.33.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping 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 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 firm earned $0.45 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal 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 issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. 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.