Wellington Management Group LLP Has $1.77 Billion Stock Position in Corning Incorporated (NYSE:GLW)

Wellington Management Group LLP grew its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 0.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,225,452 shares of the electronics maker's stock after buying an additional 133,214 shares during the quarter. Wellington Management Group LLP owned approximately 4.58% of Corning worth $1,771,029,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GLW. West Oak Capital LLC boosted its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock valued at $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC raised its stake in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock worth $246,000 after purchasing an additional 232 shares in the last quarter. SteelPeak Wealth LLC boosted its holdings in shares of Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock valued at $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust grew its stake in shares of Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after buying an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its position in Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock worth $770,000 after acquiring an additional 250 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and increased their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer reiterated an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research report on Friday, September 20th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $50.08.

Corning Stock Performance

Corning stock traded down $0.20 during midday trading on Friday, hitting $49.56. The company's stock had a trading volume of 3,277,802 shares, compared to its average volume of 3,790,145. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market cap of $42.43 billion, a price-to-earnings ratio of 291.53, a PEG ratio of 1.57 and a beta of 1.03. Corning Incorporated has a 1-year low of $28.76 and a 1-year high of $51.03. The company has a 50-day moving average price of $47.23 and a two-hundred day moving average price of $42.95.

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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared 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 dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is currently 658.82%.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was 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 of the company's stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

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.