53,476 Shares in Corning Incorporated (NYSE:GLW) Bought by Neo Ivy Capital Management

Neo Ivy Capital Management acquired a new position in Corning Incorporated (NYSE:GLW) during the 3rd quarter, HoldingsChannel reports. The fund acquired 53,476 shares of the electronics maker’s stock, valued at approximately $2,414,000. Corning accounts for about 0.8% of Neo Ivy Capital Management’s investment portfolio, making the stock its 24th largest holding.

Several other institutional investors also recently modified their holdings of the business. FMR LLC lifted its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares during the period. State Street Corp lifted its holdings in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC lifted 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 buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its holdings in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after buying an additional 1,026,626 shares during the period. Finally, Shellback Capital LP acquired a new position in Corning in the second quarter valued at $34,483,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on GLW. Bank of America boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Susquehanna upped their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

Corning Stock Performance

Corning stock opened at $48.37 on Wednesday. The firm’s fifty day moving average price is $47.29 and its 200-day moving average price is $43.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market cap of $41.41 billion, a P/E ratio of 284.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $29.14 and a fifty-two week high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating 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 firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company posted $0.45 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal 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 issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 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.