Bridgewater Associates LP Buys New Shares in Corning Incorporated (NYSE:GLW)

Bridgewater Associates LP purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 153,689 shares of the electronics maker’s stock, valued at approximately $6,939,000.

Several other large investors have also added to or reduced their stakes in GLW. FMR LLC increased its holdings in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. Los Angeles Capital Management LLC increased its stake 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 worth $75,740,000 after acquiring an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC raised its holdings in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the last quarter. Shellback Capital LP acquired a new position in Corning during the second quarter valued at $34,483,000. Finally, Conning Inc. lifted its position in Corning by 14,556.8% during the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after purchasing an additional 875,008 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GLW shares. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays lifted their target price 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. Finally, UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Up 0.9 %

Shares of NYSE:GLW opened at $48.67 on Friday. Corning Incorporated has a 52 week low of $28.02 and a 52 week high of $51.03. The company’s 50 day moving average is $46.78 and its two-hundred day moving average is $42.46. The company has a market cap of $41.67 billion, a PE ratio of 286.29, a P/E/G ratio of 1.54 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The firm 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. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.30%. Corning’s payout ratio is 658.82%.

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.