StoneX Group Inc. Grows Stake in Corning Incorporated (NYSE:GLW)

StoneX Group Inc. grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,655 shares of the electronics maker’s stock after buying an additional 2,664 shares during the period. StoneX Group Inc.’s holdings in Corning were worth $1,655,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after purchasing an additional 38,168 shares during the period. Swiss National Bank boosted its position in shares of Corning by 0.6% during the third quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock valued at $109,060,000 after purchasing an additional 14,900 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Corning by 0.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock worth $87,452,000 after purchasing an additional 10,311 shares during the period. Finally, Los Angeles Capital Management LLC raised its holdings in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GLW shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Up 1.4 %

Shares of GLW opened at $48.52 on Monday. The business’s 50 day simple moving average is $46.33 and its 200-day simple moving average is $42.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market capitalization of $41.54 billion, a price-to-earnings ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning’s dividend payout ratio is presently 658.82%.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.45% of the company’s stock.

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.