Cornerstone Capital Inc. Boosts Stake in Corning Incorporated (NYSE:GLW)

Cornerstone Capital Inc. increased its stake in Corning Incorporated (NYSE:GLW) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 617,177 shares of the electronics maker’s stock after acquiring an additional 9,706 shares during the period. Corning makes up approximately 2.6% of Cornerstone Capital Inc.’s investment portfolio, making the stock its 12th biggest position. Cornerstone Capital Inc.’s holdings in Corning were worth $27,866,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Natixis grew its stake in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares during the period. Pathway Financial Advisers LLC increased its position 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 valued at $47,428,000 after acquiring an additional 1,026,626 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after buying an additional 1,003,556 shares during the period. Finally, Shellback Capital LP acquired a new stake in shares of Corning during the second quarter worth about $34,483,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GLW shares. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Argus raised their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Shares of NYSE:GLW traded down $0.06 during trading on Tuesday, hitting $46.96. 1,019,302 shares of the stock were exchanged, compared to its average volume of 5,722,848. The company has a market cap of $40.18 billion, a PE ratio of 276.59, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average price of $44.62 and a two-hundred day moving average price of $40.58. Corning Incorporated has a 12-month low of $26.94 and a 12-month high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping 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 net margin of 1.24% and a return on equity of 13.45%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS. On average, analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Corning’s dividend payout ratio (DPR) is 658.82%.

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.