Zacks Investment Management Makes New $4.77 Million Investment in Corning Incorporated (NYSE:GLW)

Zacks Investment Management acquired a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 105,700 shares of the electronics maker's stock, valued at approximately $4,772,000.

Several other hedge funds have also bought and sold shares of the business. West Oak Capital LLC grew its position in Corning by 0.4% during the 3rd 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 boosted its position in Corning by 4.5% in the third 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 during the last quarter. SteelPeak Wealth LLC grew its position in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock valued at $338,000 after acquiring an additional 239 shares during the period. Grove Bank & Trust raised its stake in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock worth $55,000 after acquiring an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its position in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Analyst Ratings Changes

GLW has been the subject of a number of research reports. Mizuho raised 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. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a report on Wednesday, December 4th. Finally, Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.08.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm'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 value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.45% of the company's stock.

Corning Trading Down 2.1 %

Shares of NYSE:GLW traded down $1.05 during mid-day trading on Monday, reaching $48.51. 4,301,142 shares of the company were exchanged, compared to its average volume of 5,574,285. Corning Incorporated has a 1 year low of $29.14 and a 1 year high of $51.03. 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 firm's 50-day simple moving average is $47.29 and its 200 day simple moving average is $43.08. The firm has a market cap of $41.53 billion, a price-to-earnings ratio of 285.35, a P/E/G ratio of 1.58 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business earned $0.45 EPS. The firm's quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning's dividend payout ratio (DPR) is currently 658.82%.

About Corning

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.