Quantinno Capital Management LP Raises Stock Position in Corning Incorporated (NYSE:GLW)

Quantinno Capital Management LP grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 97.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 76,839 shares of the electronics maker's stock after purchasing an additional 38,009 shares during the quarter. Quantinno Capital Management LP's holdings in Corning were worth $3,469,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GLW. City Holding Co. boosted its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Accordant Advisory Group Inc acquired a new stake in shares of Corning during the second quarter worth about $39,000. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning in the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning during the 3rd quarter worth approximately $40,000. Finally, Global Trust Asset Management LLC lifted its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a report on Wednesday, December 4th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.08.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction on 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 owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The stock was 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. Insiders own 0.45% of the company's stock.

Corning Stock Up 0.4 %

GLW stock traded up $0.19 during midday trading on Tuesday, hitting $48.70. The company's stock had a trading volume of 1,746,610 shares, compared to its average volume of 5,557,989. The firm's 50-day moving average is $47.29 and its 200-day moving average is $43.08. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12 month low of $29.14 and a 12 month high of $51.03. The company has a market cap of $41.70 billion, a PE ratio of 285.35, a P/E/G ratio of 1.58 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's quarterly 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, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 yield of 2.30%. The ex-dividend date is Friday, November 15th. Corning's payout ratio is 658.82%.

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.