Weatherly Asset Management L. P. Grows Holdings in Corning Incorporated (NYSE:GLW)

Weatherly Asset Management L. P. lifted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 37.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,750 shares of the electronics maker's stock after buying an additional 13,392 shares during the quarter. Weatherly Asset Management L. P.'s holdings in Corning were worth $2,201,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GLW. MBB Public Markets I LLC increased its holdings in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock valued at $2,524,000 after acquiring an additional 57,800 shares during the period. Central Pacific Bank Trust Division acquired a new position in shares of Corning in the 1st quarter valued at $653,000. Dark Forest Capital Management LP acquired a new position in shares of Corning in the 2nd quarter valued at $511,000. Financial Counselors Inc. increased its holdings in shares of Corning by 40.9% in the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker's stock valued at $10,316,000 after acquiring an additional 90,836 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker's stock valued at $64,667,000 after acquiring an additional 42,818 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE:GLW traded up $0.77 on Friday, reaching $48.36. 5,890,221 shares of the company were exchanged, compared to its average volume of 5,098,118. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $26.71 and a 1-year high of $51.03. The firm has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. The company has a 50-day moving average of $44.52 and a 200-day moving average of $40.40.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm earned $0.45 EPS. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning's dividend payout ratio is presently 658.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday. Citigroup boosted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, July 12th. Morgan Stanley reissued an "equal weight" rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Finally, Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus 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.