Corning Incorporated (NYSE:GLW) Shares Acquired by Lincluden Management Ltd.

Lincluden Management Ltd. increased its position in Corning Incorporated (NYSE:GLW) by 0.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 93,735 shares of the electronics maker’s stock after acquiring an additional 858 shares during the period. Lincluden Management Ltd.’s holdings in Corning were worth $4,232,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of GLW. Access Investment Management LLC acquired a new position in shares of Corning in the first quarter valued at approximately $28,000. City Holding Co. raised its position in shares of Corning by 545.5% in 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. ESL Trust Services LLC acquired a new position in Corning during the first quarter worth approximately $33,000. Accordant Advisory Group Inc acquired a new position in Corning during the second quarter worth approximately $39,000. Finally, Global Trust Asset Management LLC increased its position in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GLW. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Down 0.9 %

Corning stock opened at $47.59 on Friday. The stock has a market cap of $40.72 billion, a price-to-earnings ratio of 279.94, a PEG ratio of 1.61 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $44.40 and its two-hundred day moving average price is $40.22. Corning Incorporated has a 52 week low of $26.41 and a 52 week high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $0.45 EPS. On average, analysts expect that Corning Incorporated will post 1.93 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced 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 yield of 2.35%. Corning’s payout ratio is 658.82%.

Corning 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.