Principal Financial Group Inc. Raises Position in Corning Incorporated (NYSE:GLW)

Principal Financial Group Inc. increased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 890,981 shares of the electronics maker's stock after acquiring an additional 12,451 shares during the quarter. Principal Financial Group Inc. owned approximately 0.10% of Corning worth $40,228,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of GLW. City Holding Co. lifted its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning in the third quarter valued at approximately $40,000. Global Trust Asset Management LLC boosted its stake in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction 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 directly owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company's stock.

Analyst Ratings Changes

GLW has been the subject of several research reports. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Barclays lifted their target price on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. Finally, Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $50.77.

Corning Stock Up 0.8 %

GLW stock traded up $0.40 during midday trading on Tuesday, hitting $47.90. The company's stock had a trading volume of 1,592,775 shares, compared to its average volume of 5,533,010. Corning Incorporated has a 12 month low of $29.71 and a 12 month high of $51.03. The firm's 50-day moving average is $47.76 and its 200-day moving average is $43.85. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a market cap of $41.01 billion, a PE ratio of 281.76, a P/E/G ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same period in the prior year, the firm earned $0.45 EPS. The company's revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Friday, November 15th. Corning's payout ratio is 658.82%.

Corning Company 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.