Firsthand Capital Management Inc. Has $517,000 Position in Corning Incorporated (NYSE:GLW)

Firsthand Capital Management Inc. grew its holdings in Corning Incorporated (NYSE:GLW) by 14.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,460 shares of the electronics maker’s stock after buying an additional 1,460 shares during the quarter. Corning accounts for approximately 1.0% of Firsthand Capital Management Inc.’s holdings, making the stock its 23rd biggest holding. Firsthand Capital Management Inc.’s holdings in Corning were worth $517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. City Holding Co. boosted its stake in shares of 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 in the last quarter. Accordant Advisory Group Inc bought a new position in Corning during the 2nd quarter valued at about $39,000. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter valued at about $39,000. RPg Family Wealth Advisory LLC bought a new stake in Corning during the third quarter worth about $40,000. Finally, Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their price target 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, Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

Shares of Corning stock opened at $48.67 on Friday. Corning Incorporated has a 52 week low of $28.02 and a 52 week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market capitalization of $41.67 billion, a price-to-earnings ratio of 286.29, a PEG ratio of 1.54 and a beta of 1.03. The firm has a fifty day moving average of $46.78 and a two-hundred day moving average of $42.46.

Corning (NYSE:GLW) last released its quarterly earnings data 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. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm earned $0.45 EPS. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred 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 owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

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.