Metis Global Partners LLC Increases Stock Holdings in Corning Incorporated (NYSE:GLW)

Metis Global Partners LLC grew its stake in Corning Incorporated (NYSE:GLW) by 1.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 25,164 shares of the electronics maker’s stock after buying an additional 462 shares during the quarter. Metis Global Partners LLC’s holdings in Corning were worth $1,136,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in 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 purchasing an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 valued at $401,826,000 after buying an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of 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 valued at $87,452,000 after purchasing an additional 10,311 shares during the period. Natixis increased its holdings in shares of Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in shares of 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 valued at $75,740,000 after purchasing an additional 1,145,955 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW stock opened at $46.49 on Friday. 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 Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The firm has a market cap of $39.81 billion, a P/E ratio of 273.47, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The stock has a 50-day simple moving average of $45.74 and a 200-day simple moving average of $41.48.

Corning (NYSE:GLW) last issued 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 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 analyst estimates of $3.72 billion. During the same quarter last year, the firm earned $0.45 EPS. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Finally, Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning 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.