WESCAP Management Group Inc. Acquires Shares of 24,709 Corning Incorporated (NYSE:GLW)

WESCAP Management Group Inc. bought a new position in Corning Incorporated (NYSE:GLW - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 24,709 shares of the electronics maker's stock, valued at approximately $1,116,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC grew its holdings in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC lifted its position in 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 in the last quarter. Dark Forest Capital Management LP bought a new position in shares of Corning during the second quarter valued at $511,000. Transamerica Financial Advisors Inc. boosted its holdings in shares of Corning by 529.6% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker's stock valued at $747,000 after acquiring an additional 13,907 shares during the last quarter. Finally, National Pension Service lifted its holdings in shares of Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker's stock valued at $68,125,000 after buying an additional 152,922 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a report on Friday, September 20th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Finally, UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.08.

Corning Trading Down 0.4 %

GLW stock traded down $0.20 during trading on Friday, hitting $49.56. The company had a trading volume of 3,277,802 shares, compared to its average volume of 3,790,145. Corning Incorporated has a 52-week low of $28.76 and a 52-week high of $51.03. The company has a 50 day simple moving average of $47.23 and a 200-day simple moving average of $42.95. The firm has a market capitalization of $42.43 billion, a P/E ratio of 291.53, a PEG ratio of 1.57 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 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 firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. Corning's payout ratio is currently 658.82%.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm's 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

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.