Corning Incorporated (NYSE:GLW) Shares Bought by Metis Global Partners LLC

Metis Global Partners LLC increased its stake in Corning Incorporated (NYSE:GLW) by 1.9% during the third quarter, HoldingsChannel.com reports. The fund owned 25,164 shares of the electronics maker’s stock after buying an additional 462 shares during the period. Metis Global Partners LLC’s holdings in Corning were worth $1,136,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. KBC Group NV grew its holdings in shares of Corning by 19.6% in the 3rd quarter. KBC Group NV now owns 124,820 shares of the electronics maker’s stock worth $5,635,000 after acquiring an additional 20,474 shares during the last quarter. Huntington National Bank grew its holdings in shares of Corning by 3.5% in the 3rd quarter. Huntington National Bank now owns 69,705 shares of the electronics maker’s stock worth $3,147,000 after acquiring an additional 2,365 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new position in shares of Corning in the 3rd quarter worth $388,000. Main Street Financial Solutions LLC grew its holdings in shares of Corning by 6.6% in the 3rd quarter. Main Street Financial Solutions LLC now owns 8,955 shares of the electronics maker’s stock worth $404,000 after acquiring an additional 555 shares during the last quarter. Finally, Aptus Capital Advisors LLC grew its holdings in shares of Corning by 16.9% in the 3rd quarter. Aptus Capital Advisors LLC now owns 7,696 shares of the electronics maker’s stock worth $347,000 after acquiring an additional 1,115 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Susquehanna lifted 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. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price 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, October 31st. Finally, UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

GLW opened at $46.49 on Friday. The stock has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a PEG ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.57 and a 1 year 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. The stock has a fifty day moving average price of $45.74 and a 200 day moving average price of $41.48.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (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 firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. Corning’s dividend payout ratio is currently 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.