Yeomans Consulting Group Inc. Takes $258,000 Position in Corning Incorporated (NYSE:GLW)

Yeomans Consulting Group Inc. bought a new position in shares of Corning Incorporated (NYSE:GLW) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,725 shares of the electronics maker’s stock, valued at approximately $258,000.

A number of other hedge funds also recently added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD increased its stake in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the period. Natixis grew its holdings in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Pathway Financial Advisers LLC increased its position in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Corning by 10,626.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after purchasing an additional 1,003,556 shares in the last quarter. Finally, Shellback Capital LP purchased a new stake in shares of Corning during the 2nd quarter worth $34,483,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GLW. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. 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 price target on shares of Corning in a report on Friday, July 26th. Oppenheimer raised their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, Susquehanna upped their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Six equities research 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.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Stock Performance

Shares of GLW traded up $0.67 during mid-day trading on Monday, hitting $46.92. 1,456,555 shares of the company’s stock were exchanged, compared to its average volume of 5,671,145. The firm has a market capitalization of $40.15 billion, a P/E ratio of 92.50, a P/E/G ratio of 1.73 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $26.37 and a fifty-two week high of $47.72. The business’s 50 day moving average is $43.86 and its two-hundred day moving average is $39.88. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 224.00%.

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.