Corning Incorporated (NYSE:GLW) Shares Acquired by Swiss National Bank

Swiss National Bank raised its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 0.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,415,500 shares of the electronics maker's stock after buying an additional 14,900 shares during the quarter. Swiss National Bank owned about 0.28% of Corning worth $109,060,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in Corning by 35.1% in 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 purchasing an additional 4,464,893 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after buying an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC grew its stake in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock worth $47,428,000 after buying an additional 1,026,626 shares during the last quarter. Shellback Capital LP acquired a new position in Corning during the 2nd quarter valued at about $34,483,000. Finally, Conning Inc. raised its stake in Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock valued at $39,778,000 after buying an additional 875,008 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GLW shares. Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. Oppenheimer restated an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research report on Friday, September 20th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and a consensus price target of $50.08.

Corning Price Performance

Shares of NYSE:GLW traded up $0.87 during trading on Tuesday, reaching $47.31. 3,339,775 shares of the company's stock traded hands, compared to its average volume of 5,659,643. The firm has a market cap of $40.51 billion, a PE ratio of 273.18, a P/E/G ratio of 1.49 and a beta of 1.03. The company has a 50-day simple moving average of $45.85 and a 200-day simple moving average of $41.68. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. The firm's revenue was up 6.9% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.95 earnings per share for the current 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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Friday, November 15th. Corning's payout ratio is 658.82%.

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.