Weatherly Asset Management L. P. Buys 13,392 Shares of Corning Incorporated (NYSE:GLW)

Weatherly Asset Management L. P. increased its stake in shares of Corning Incorporated (NYSE:GLW) by 37.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,750 shares of the electronics maker’s stock after acquiring an additional 13,392 shares during the period. Weatherly Asset Management L. P.’s holdings in Corning were worth $2,201,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Price T Rowe Associates Inc. MD raised its holdings in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Natixis raised its holdings in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Pathway Financial Advisers LLC raised its holdings in 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 acquiring an additional 1,026,626 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Corning by 10,626.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares during the period. Finally, Shellback Capital LP bought a new stake in Corning in the second quarter valued at approximately $34,483,000. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on GLW shares. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Up 1.6 %

Shares of GLW opened at $48.36 on Friday. Corning Incorporated has a 52 week low of $26.71 and a 52 week high of $51.03. The stock has a market capitalization of $41.38 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66. The stock has a fifty day moving average of $44.52 and a 200-day moving average of $40.33.

Corning (NYSE:GLW) last announced its quarterly 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 company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company earned $0.45 EPS. Corning’s revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio 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.