Corning Incorporated (NYSE:GLW) Shares Bought by Culbertson A N & Co. Inc.

Culbertson A N & Co. Inc. raised its stake in Corning Incorporated (NYSE:GLW) by 1.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 91,759 shares of the electronics maker’s stock after acquiring an additional 1,700 shares during the period. Culbertson A N & Co. Inc.’s holdings in Corning were worth $4,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after acquiring an additional 426,864 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Corning by 2.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after purchasing an additional 42,832 shares in the last quarter. Natixis lifted its position in 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, Raymond James & Associates lifted its position in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.5 %

GLW stock opened at $46.01 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $47.45. The firm has a market capitalization of $39.41 billion, a PE ratio of 64.80, a P/E/G ratio of 1.75 and a beta of 1.04. The company’s 50 day simple moving average is $42.83 and its 200-day simple moving average is $39.13.

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

Corning Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 2.43%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Susquehanna boosted 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. Citigroup increased their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Barclays boosted their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. UBS Group increased their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Finally, Argus boosted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

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.