Swedbank AB Increases Holdings in Corning Incorporated (NYSE:GLW)

Swedbank AB raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 60.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 38,314 shares of the electronics maker's stock after purchasing an additional 14,403 shares during the quarter. Swedbank AB's holdings in Corning were worth $1,730,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Access Investment Management LLC purchased a new stake in shares of Corning in the 1st quarter worth about $28,000. City Holding Co. increased its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after buying an additional 600 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Corning in the 1st quarter worth about $33,000. Register Financial Advisors LLC purchased a new position in Corning in the first quarter worth about $33,000. Finally, ESL Trust Services LLC purchased a new position in Corning in the 1st quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Oppenheimer upped their target price on shares of Corning from $47.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, September 20th. Argus lifted their target price on Corning from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, July 9th. Morgan Stanley restated an "equal weight" rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, July 29th. Finally, Hsbc Global Res raised Corning from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.23.

Corning Trading Up 0.3 %

GLW stock traded up $0.14 during midday trading on Friday, reaching $46.66. 2,036,706 shares of the company traded hands, compared to its average volume of 5,730,331. The firm has a market capitalization of $39.97 billion, a price-to-earnings ratio of 65.72, a P/E/G ratio of 1.75 and a beta of 1.04. The business has a 50 day moving average of $43.16 and a 200-day moving average of $39.32. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $47.45. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. The company's revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced 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 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio is currently 157.75%.

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.