Strategy Asset Managers LLC Purchases 1,465 Shares of Corning Incorporated (NYSE:GLW)

Strategy Asset Managers LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 75,713 shares of the electronics maker’s stock after purchasing an additional 1,465 shares during the quarter. Strategy Asset Managers LLC’s holdings in Corning were worth $3,418,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. MBB Public Markets I LLC boosted its stake in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Corning in the 2nd quarter valued at $511,000. National Pension Service boosted its position in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of Corning during the third quarter worth $5,705,000. Finally, Los Angeles Capital Management LLC increased 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 valued at $75,740,000 after purchasing an additional 1,145,955 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 1.9 %

NYSE:GLW opened at $47.30 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company has a market cap of $40.50 billion, a P/E ratio of 278.24, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. The business has a 50 day moving average price of $45.97 and a two-hundred day moving average price of $41.78.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Analysts Set New Price Targets

Several research firms have recently issued reports on GLW. Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. lifted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.