Tidal Investments LLC Has $1.88 Million Stock Position in Corning Incorporated (NYSE:GLW)

Tidal Investments LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 15.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 41,535 shares of the electronics maker’s stock after acquiring an additional 5,713 shares during the quarter. Tidal Investments LLC’s holdings in Corning were worth $1,875,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. FMR LLC boosted its holdings in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after purchasing an additional 1,285,836 shares during the period. MBB Public Markets I LLC boosted its stake in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the period. Dark Forest Capital Management LP acquired a new stake in shares of Corning during the 2nd quarter valued at $511,000. Transamerica Financial Advisors Inc. grew its holdings in shares of Corning by 529.6% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after acquiring an additional 13,907 shares in the last quarter. Finally, National Pension Service increased its stake in shares of Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after acquiring an additional 152,922 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on GLW. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday. Finally, UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

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 that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Trading Up 0.1 %

Corning stock opened at $48.18 on Tuesday. The business’s 50-day simple moving average is $47.65 and its 200-day simple moving average is $43.50. Corning Incorporated has a 52 week low of $29.71 and a 52 week high of $51.03. The firm has a market capitalization of $41.25 billion, a PE ratio of 283.41, a PEG ratio of 1.54 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 earnings per share. Equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s dividend payout ratio is 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.