Nomura Asset Management Co. Ltd. Has $11 Million Position in Corning Incorporated (NYSE:GLW)

Nomura Asset Management Co. Ltd. lifted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 5.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 243,638 shares of the electronics maker's stock after purchasing an additional 13,386 shares during the period. Nomura Asset Management Co. Ltd.'s holdings in Corning were worth $11,000,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Great Valley Advisor Group Inc. bought a new position in shares of Corning in the 2nd quarter valued at about $223,000. AdvisorNet Financial Inc raised its position in shares of Corning by 42.8% during the 2nd quarter. AdvisorNet Financial Inc now owns 6,141 shares of the electronics maker's stock valued at $239,000 after acquiring an additional 1,841 shares during the last quarter. SteelPeak Wealth LLC bought a new stake in shares of Corning during the 2nd quarter valued at $281,000. Blue Trust Inc. lifted its stake in shares of Corning by 14.1% in the 2nd quarter. Blue Trust Inc. now owns 16,876 shares of the electronics maker's stock valued at $656,000 after purchasing an additional 2,079 shares during the period. Finally, Stanley Laman Group Ltd. bought a new position in shares of Corning in the 2nd quarter worth $448,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 2.1 %

GLW traded up $0.98 during trading hours on Thursday, hitting $48.61. 4,647,702 shares of the company's stock were exchanged, compared to its average volume of 5,560,750. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $29.14 and a 1-year high of $51.03. The stock's 50-day moving average is $47.42 and its two-hundred day moving average is $43.24. The stock has a market cap of $41.62 billion, a price-to-earnings ratio of 285.94, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last posted 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 net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the business posted $0.45 EPS. The company's quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business 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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Mizuho upgraded Corning from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays boosted 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. Finally, Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a report on Friday, September 20th. Five 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 has an average rating of "Moderate Buy" and a consensus target price of $50.08.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

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.