Corning Incorporated (NYSE:GLW) Shares Purchased by Kinsale Capital Group Inc.

Kinsale Capital Group Inc. boosted its position in shares of Corning Incorporated (NYSE:GLW) by 14.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 135,968 shares of the electronics maker’s stock after buying an additional 17,621 shares during the quarter. Corning makes up 1.8% of Kinsale Capital Group Inc.’s holdings, making the stock its 21st biggest position. Kinsale Capital Group Inc.’s holdings in Corning were worth $6,139,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. City Holding Co. lifted 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 buying an additional 600 shares in the last quarter. Global Trust Asset Management LLC lifted its position in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in shares of Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 473 shares during the last quarter. ESL Trust Services LLC purchased a new stake in shares of Corning during the first quarter worth approximately $33,000. Finally, Accordant Advisory Group Inc acquired a new position in Corning in the 2nd quarter valued at $39,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.6 %

NYSE:GLW traded down $0.28 during trading hours on Friday, reaching $46.49. 3,655,835 shares of the stock were exchanged, compared to its average volume of 5,084,251. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average of $45.74 and a two-hundred day moving average of $41.48. The company has a market capitalization of $39.81 billion, a price-to-earnings ratio of 273.47, a PEG ratio of 1.51 and a beta of 1.03.

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

Corning Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 2.41%. Corning’s dividend payout ratio is presently 658.82%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on GLW shares. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.