Pathway Financial Advisers LLC Has $47.43 Million Stake in Corning Incorporated (NYSE:GLW)

Pathway Financial Advisers LLC increased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 4,306.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,050,463 shares of the electronics maker's stock after buying an additional 1,026,626 shares during the quarter. Corning accounts for about 0.5% of Pathway Financial Advisers LLC's portfolio, making the stock its 29th biggest holding. Pathway Financial Advisers LLC owned about 0.12% of Corning worth $47,428,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker's stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in 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 acquiring an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Corning by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker's stock worth $69,109,000 after buying an additional 42,832 shares during the last quarter. Natixis grew its holdings in shares of Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker's stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates increased its position in Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker's stock worth $64,667,000 after purchasing an additional 42,818 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, September 20th. Citigroup boosted their price objective on Corning from $45.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, July 12th. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday. Hsbc Global Res raised Corning from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, July 9th. Finally, Argus upped their price objective on Corning from $40.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $50.08.

Corning Trading Down 2.0 %

GLW stock traded down $0.99 during midday trading on Wednesday, hitting $48.04. The stock had a trading volume of 7,933,686 shares, compared to its average volume of 5,745,736. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The firm has a market cap of $41.15 billion, a P/E ratio of 67.66, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The business has a fifty day moving average price of $44.27 and a two-hundred day moving average price of $40.16. Corning Incorporated has a 1-year low of $26.41 and a 1-year high of $51.03.

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, beating analysts' consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio (DPR) is currently 157.75%.

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.