Kessler Investment Group LLC Buys Shares of 22,646 Corning Incorporated (NYSE:GLW)

Kessler Investment Group LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,646 shares of the electronics maker's stock, valued at approximately $1,022,000.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. Fisher Asset Management LLC grew its position in Corning by 60.5% during the fourth quarter. Fisher Asset Management LLC now owns 16,647 shares of the electronics maker's stock valued at $507,000 after acquiring an additional 6,276 shares during the period. Park Avenue Securities LLC purchased a new position in Corning in the first quarter valued at about $252,000. Riverview Trust Co acquired a new position in shares of Corning during the first quarter worth about $35,000. Kwmg LLC boosted its position in shares of Corning by 4.0% in the first quarter. Kwmg LLC now owns 145,514 shares of the electronics maker's stock worth $4,796,000 after buying an additional 5,543 shares during the period. Finally, Atlas Capital Advisors LLC grew its stake in shares of Corning by 2.4% in the first quarter. Atlas Capital Advisors LLC now owns 19,705 shares of the electronics maker's stock valued at $649,000 after buying an additional 471 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of Corning stock traded up $0.28 on Tuesday, hitting $47.31. The company had a trading volume of 4,273,379 shares, compared to its average volume of 5,720,587. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45. The company has a market cap of $40.53 billion, a PE ratio of 66.63, a PEG ratio of 1.74 and a beta of 1.04. The business has a 50-day simple moving average of $43.46 and a 200-day simple moving average of $39.58. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly 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 company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.55 billion. During the same period last year, the firm earned $0.45 EPS. The firm's revenue for the quarter was up 3.5% on a year-over-year basis. Research analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.37%. Corning's dividend payout ratio (DPR) is 157.75%.

Analysts Set New Price Targets

GLW has been the subject of a number of analyst reports. Hsbc Global Res upgraded Corning from a "moderate sell" rating to a "hold" rating in a report on Tuesday, July 9th. Citigroup boosted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, July 12th. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research report on Friday, September 20th. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Finally, HSBC raised shares of Corning from a "reduce" rating to a "hold" rating and set a $37.00 price target on the stock in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.23.

Corning 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.