World Investment Advisors LLC Increases Holdings in Corning Incorporated (NYSE:GLW)

World Investment Advisors LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 327.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,087 shares of the electronics maker's stock after buying an additional 18,450 shares during the quarter. World Investment Advisors LLC's holdings in Corning were worth $1,088,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. City Holding Co. increased its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after acquiring an additional 600 shares during the period. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning during the 3rd quarter valued at $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning in the 3rd quarter valued at $40,000. Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after purchasing an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new position in Corning in the third quarter valued at about $45,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GLW. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research report on Friday, September 20th. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 29th. Finally, 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. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $50.08.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction that occurred on Friday, November 22nd. The stock was 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 of the company's stock, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction dated Monday, November 25th. The shares were 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. Corporate insiders own 0.40% of the company's stock.

Corning Trading Up 0.1 %

Shares of Corning stock traded up $0.03 during midday trading on Monday, reaching $48.18. The company had a trading volume of 4,279,364 shares, compared to its average volume of 5,549,628. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a fifty-two week low of $29.71 and a fifty-two week high of $51.03. The stock has a fifty day moving average price of $47.57 and a 200 day moving average price of $43.41. The firm has a market cap of $41.25 billion, a PE ratio of 283.24, a P/E/G ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $3.72 billion. During the same period in the previous year, the company posted $0.45 EPS. The firm's revenue was up 6.9% compared to the same quarter last year. On average, equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were given a dividend of $0.28 per share. The ex-dividend date was Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning's dividend payout ratio (DPR) is currently 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.