Neo Ivy Capital Management Makes New Investment in Corning Incorporated (NYSE:GLW)

Neo Ivy Capital Management acquired a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 53,476 shares of the electronics maker's stock, valued at approximately $2,414,000. Corning accounts for 0.8% of Neo Ivy Capital Management's holdings, making the stock its 24th largest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GLW. Wellington Management Group LLP grew its stake in Corning by 0.3% in the third quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after acquiring an additional 133,214 shares during the period. State Street Corp increased its holdings in Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock valued at $401,826,000 after purchasing an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after buying an additional 38,168 shares in the last quarter. Finally, FMR LLC raised its position in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after buying an additional 1,285,836 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

NYSE GLW traded down $0.33 during trading on Wednesday, reaching $48.04. The company's stock had a trading volume of 1,443,712 shares, compared to its average volume of 5,553,961. The firm has a 50 day moving average price of $47.29 and a 200 day moving average price of $43.08. Corning Incorporated has a 12 month low of $29.14 and a 12 month high of $51.03. The firm has a market capitalization of $41.13 billion, a price-to-earnings ratio of 283.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company's revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. As a group, equities 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. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. Corning's dividend payout ratio (DPR) is 658.82%.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on GLW shares. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft raised their target price 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. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. Finally, Oppenheimer restated an "outperform" rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five investment 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 an average rating of "Moderate Buy" and an average target price 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.