Primecap Management Co. CA Decreases Stake in Corning Incorporated (NYSE:GLW)

Primecap Management Co. CA cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,558,519 shares of the electronics maker’s stock after selling 3,500 shares during the period. Primecap Management Co. CA’s holdings in Corning were worth $386,417,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. 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 valued at $566,941,000 after buying an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP grew 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 worth $401,826,000 after purchasing an additional 426,864 shares during the period. Swiss National Bank grew its stake in Corning by 0.6% in the third quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock worth $109,060,000 after purchasing an additional 14,900 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in 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 worth $87,452,000 after purchasing an additional 10,311 shares during the period. Finally, Los Angeles Capital Management LLC grew its stake 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 worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent research reports. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five equities 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.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

Shares of GLW opened at $47.35 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a 50-day simple moving average of $46.08 and a two-hundred day simple moving average of $41.81. The stock has a market cap of $40.54 billion, a price-to-earnings ratio of 278.53, a PEG ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03.

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. Corning had a return on equity of 13.45% and a net margin of 1.24%. 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 business posted $0.45 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm 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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 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.