Versor Investments LP Buys 15,300 Shares of Corning Incorporated (NYSE:GLW)

Versor Investments LP raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 107.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,500 shares of the electronics maker's stock after buying an additional 15,300 shares during the quarter. Versor Investments LP's holdings in Corning were worth $1,332,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GLW. Price T Rowe Associates Inc. MD lifted its stake in Corning by 35.1% during the 1st 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 lifted its holdings in shares of Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock worth $401,826,000 after purchasing an additional 426,864 shares during the period. Natixis raised its position in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker's stock worth $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Finally, Raymond James & Associates raised its position in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker's stock worth $64,667,000 after acquiring an additional 42,818 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GLW shares. Oppenheimer restated an "outperform" rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Mizuho upgraded Corning from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.08.

Corning Stock Down 1.2 %

Shares of NYSE:GLW traded down $0.60 during midday trading on Tuesday, reaching $48.32. The company had a trading volume of 4,385,735 shares, compared to its average volume of 5,699,916. Corning Incorporated has a 1-year low of $27.41 and a 1-year high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market cap of $41.37 billion, a PE ratio of 287.76, a P/E/G ratio of 1.56 and a beta of 1.03. The business's 50 day moving average price is $45.24 and its 200 day moving average price is $41.17.

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

Corning Announces Dividend

The company also recently announced 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning's payout ratio is 658.82%.

Corning Company 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.