Transamerica Financial Advisors Inc. Increases Stock Position in Corning Incorporated (NYSE:GLW)

Transamerica Financial Advisors Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 529.6% during the third quarter, HoldingsChannel.com reports. The fund owned 16,533 shares of the electronics maker’s stock after purchasing an additional 13,907 shares during the quarter. Transamerica Financial Advisors Inc.’s holdings in Corning were worth $747,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of GLW. FMR LLC lifted its holdings in shares of Corning by 52.8% during 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 period. Los Angeles Capital Management LLC lifted its holdings in shares of Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its holdings in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Shellback Capital LP acquired a new stake in shares of Corning during the second quarter worth $34,483,000. Finally, Conning Inc. lifted its holdings in Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after acquiring an additional 875,008 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Down 0.5 %

Corning stock opened at $48.00 on Wednesday. The stock has a market cap of $41.10 billion, a PE ratio of 282.35, a P/E/G ratio of 1.54 and a beta of 1.03. The stock has a 50-day moving average price of $46.53 and a 200 day moving average price of $42.28. Corning Incorporated has a 52 week low of $27.57 and a 52 week 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 posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Equities research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

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 issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated 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 $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. JPMorgan Chase & Co. raised their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Company 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.