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

World Investment Advisors LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 327.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,087 shares of the electronics maker’s stock after acquiring an additional 18,450 shares during the quarter. World Investment Advisors LLC’s holdings in Corning were worth $1,088,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. City Holding Co. grew its stake 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 purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the 3rd quarter worth about $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning in the 3rd quarter worth about $40,000. Global Trust Asset Management LLC grew its position in 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 buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in Corning during the third quarter worth about $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were 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. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 0.9 %

Shares of Corning stock opened at $48.15 on Monday. The company’s 50-day moving average price is $47.57 and its 200-day moving average price is $43.41. The company has a market cap of $41.23 billion, a price-to-earnings ratio of 283.24, a PEG ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $0.45 EPS. On average, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning’s payout ratio 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.