ING Groep NV Has $11.38 Million Position in Corning Incorporated (NYSE:GLW)

ING Groep NV lessened its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 38.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 252,098 shares of the electronics maker's stock after selling 156,644 shares during the quarter. ING Groep NV's holdings in Corning were worth $11,382,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. increased its position in Corning by 25.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker's stock worth $752,000 after buying an additional 4,588 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Corning by 35.4% during the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker's stock worth $640,000 after purchasing an additional 5,081 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Corning by 4.9% during the first quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker's stock worth $329,000 after buying an additional 464 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Corning by 11.2% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker's stock valued at $3,601,000 after buying an additional 10,980 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Corning by 23.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 992,459 shares of the electronics maker's stock valued at $32,711,000 after buying an additional 187,281 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Barclays upped their target price on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Morgan Stanley restated an "equal weight" rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given 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 a consensus target price of $50.08.

Corning Stock Down 0.6 %

Shares of NYSE GLW traded down $0.28 during trading hours on Friday, hitting $46.49. The stock had a trading volume of 3,626,178 shares, compared to its average volume of 5,679,410. The company has a market capitalization of $39.81 billion, a P/E ratio of 274.71, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The firm's 50-day moving average price is $45.63 and its two-hundred day moving average price is $41.37. 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 quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) 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 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 earnings per share. The firm's revenue was up 6.9% compared to the same quarter last year. Analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is 658.82%.

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.