Fmr LLC Raises Position in Corning Incorporated (NYSE:GLW)

FMR LLC boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 52.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,723,044 shares of the electronics maker's stock after purchasing an additional 1,285,836 shares during the quarter. FMR LLC owned about 0.43% of Corning worth $168,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock worth $401,826,000 after purchasing an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after purchasing an additional 38,168 shares in the last quarter. Swiss National Bank lifted its stake 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 purchasing an additional 14,900 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in 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 purchasing an additional 10,311 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company's stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction dated 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.

Corning Trading Down 0.1 %

Corning stock traded down $0.04 during trading hours on Tuesday, reaching $49.20. The stock had a trading volume of 1,260,052 shares, compared to its average volume of 5,599,626. The stock has a market cap of $42.13 billion, a PE ratio of 289.65, a PEG ratio of 1.56 and a beta of 1.03. 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 current ratio of 1.66 and a quick ratio of 1.05. The company has a fifty day simple moving average of $46.87 and a 200-day simple moving average of $42.66.

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 (EPS) 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 analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is 658.82%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Susquehanna raised their price objective 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Finally, StockNews.com cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $50.08.

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.