Corning Incorporated (NYSE:GLW) Shares Purchased by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC increased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 215.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,677,513 shares of the electronics maker's stock after acquiring an additional 1,145,955 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.20% of Corning worth $75,740,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. West Oak Capital LLC lifted its position in shares of Corning by 0.4% in the 3rd 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 period. Lake Street Advisors Group LLC raised its stake in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock worth $246,000 after buying an additional 232 shares in the last quarter. SteelPeak Wealth LLC lifted its holdings in Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock worth $338,000 after buying an additional 239 shares during the period. Grove Bank & Trust boosted its position in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after acquiring an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. increased its holdings in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after acquiring an additional 250 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

Shares of NYSE GLW traded up $0.50 during mid-day trading on Friday, hitting $48.72. The stock had a trading volume of 4,827,795 shares, compared to its average volume of 4,865,367. The company has a 50 day moving average of $45.10 and a two-hundred day moving average of $40.98. Corning Incorporated has a twelve month low of $26.94 and a twelve month high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $41.71 billion, a PE ratio of 286.59, a PEG ratio of 1.56 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. Research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal 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 paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.30%. Corning's payout ratio is currently 658.82%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of analyst reports. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and increased their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Morgan Stanley reiterated an "equal weight" rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Finally, Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a "positive" 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $50.08.

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.