Daiwa Securities Group Inc. Acquires 10,424 Shares of Corning Incorporated (NYSE:GLW)

Daiwa Securities Group Inc. grew its holdings in Corning Incorporated (NYSE:GLW) by 12.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 97,294 shares of the electronics maker’s stock after purchasing an additional 10,424 shares during the period. Daiwa Securities Group Inc.’s holdings in Corning were worth $4,393,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. City Holding Co. grew its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Accordant Advisory Group Inc bought a new stake in shares of Corning during the 2nd quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC acquired a new position in Corning during the 3rd quarter worth approximately $39,000. Global Trust Asset Management LLC lifted its stake in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in Corning in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GLW. 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 report on Wednesday, October 30th. Bank of America lifted their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Performance

Shares of Corning stock opened at $48.00 on Wednesday. The company has a market cap of $41.10 billion, a P/E ratio of 282.35, a PEG 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 business has a 50-day moving average price of $46.53 and a two-hundred day moving average price of $42.28. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current 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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This 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 this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were 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. Insiders own 0.40% of the company’s stock.

About Corning

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.