Conning Inc. Has $39.78 Million Stake in Corning Incorporated (NYSE:GLW)

Conning Inc. boosted its holdings in Corning Incorporated (NYSE:GLW) by 14,556.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 881,019 shares of the electronics maker’s stock after purchasing an additional 875,008 shares during the quarter. Corning comprises approximately 1.3% of Conning Inc.’s investment portfolio, making the stock its 18th largest holding. Conning Inc. owned about 0.10% of Corning worth $39,778,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. City Holding Co. grew its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Global Trust Asset Management LLC lifted its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares in the last quarter. ESL Trust Services LLC acquired a new position in Corning during the 1st quarter valued at about $33,000. Accordant Advisory Group Inc bought a new stake in Corning during the 2nd quarter worth approximately $39,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the third quarter worth approximately $45,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on GLW. Argus upped their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Corning stock opened at $48.36 on Friday. The business’s 50 day simple moving average is $44.52 and its 200 day simple moving average is $40.40. Corning Incorporated has a 12 month low of $26.71 and a 12 month high of $51.03. The company has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. Sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current 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 paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s payout ratio is 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.