Kinsale Capital Group Inc. Increases Stock Position in Corning Incorporated (NYSE:GLW)

Kinsale Capital Group Inc. lifted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 14.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 135,968 shares of the electronics maker's stock after purchasing an additional 17,621 shares during the period. Corning makes up 1.8% of Kinsale Capital Group Inc.'s investment portfolio, making the stock its 21st largest holding. Kinsale Capital Group Inc.'s holdings in Corning were worth $6,139,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. City Holding Co. raised its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after purchasing an additional 600 shares during the last quarter. ESL Trust Services LLC acquired a new stake in Corning in the 1st quarter valued at about $33,000. Accordant Advisory Group Inc acquired a new stake in Corning in the 2nd quarter valued at about $39,000. Global Trust Asset Management LLC increased its holdings 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, Future Financial Wealth Managment LLC acquired a new position in Corning during the third quarter worth about $45,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.6 %

Shares of GLW stock traded down $0.28 on Friday, reaching $46.49. 3,655,835 shares of the stock were exchanged, compared to its average volume of 5,084,251. 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 cap of $39.81 billion, a P/E ratio of 273.47, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The firm has a 50 day moving average of $45.74 and a two-hundred day moving average of $41.48. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03.

Corning (NYSE:GLW - Get Free Report) last released 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 company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.45 EPS. The company'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 year.

Corning Dividend Announcement

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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning's payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GLW. Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research report on Friday, September 20th. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Finally, Mizuho raised shares of 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. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $50.08.

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.