Corning Incorporated $GLW Shares Newly Bought by EagleClaw Capital Managment LLC

EagleClaw Capital Managment LLC acquired a new stake in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 37,865 shares of the electronics maker’s stock, valued at approximately $5,822,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. PFC Capital Group Inc. lifted its stake in shares of Corning by 10.0% during the third quarter. PFC Capital Group Inc. now owns 4,935 shares of the electronics maker’s stock worth $759,000 after buying an additional 450 shares during the period. Allworth Financial LP grew its holdings in shares of Corning by 13.8% during the third quarter. Allworth Financial LP now owns 41,280 shares of the electronics maker’s stock valued at $6,347,000 after buying an additional 4,996 shares during the last quarter. GKV Capital Management Co. Inc. grew its holdings in shares of Corning by 30.8% during the third quarter. GKV Capital Management Co. Inc. now owns 30,801 shares of the electronics maker’s stock valued at $4,736,000 after buying an additional 7,246 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Corning by 23.1% during the third quarter. Fisher Asset Management LLC now owns 14,647 shares of the electronics maker’s stock valued at $2,252,000 after buying an additional 2,753 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Corning by 6.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 726,246 shares of the electronics maker’s stock valued at $111,911,000 after acquiring an additional 42,171 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 4.6%

NYSE GLW opened at $113.98 on Friday. The company has a market capitalization of $98.18 billion, a PE ratio of 46.14, a P/E/G ratio of 1.47 and a beta of 1.23. The company has a fifty day moving average of $141.45 and a 200 day moving average of $156.03. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the firm earned $0.67 EPS. Research analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.0%. Corning’s dividend payout ratio is presently 45.34%.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on GLW. Wall Street Zen upgraded Corning from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Bank of America cut their price objective on Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. JPMorgan Chase & Co. reduced their price objective on Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a research note on Wednesday, October 21st. Citigroup reaffirmed a “buy” rating on shares of Corning in a report on Tuesday, October 27th. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $172.18.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.