Black Swift Group LLC Takes $3.16 Million Position in Corning Incorporated (NYSE:GLW)

Black Swift Group LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 70,000 shares of the electronics maker’s stock, valued at approximately $3,160,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. increased its position in shares of Corning by 25.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock valued at $752,000 after acquiring an additional 4,588 shares during the period. Empowered Funds LLC raised its position in Corning by 35.4% during the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after purchasing an additional 5,081 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in Corning by 7.3% in the 1st quarter. QRG Capital Management Inc. now owns 44,161 shares of the electronics maker’s stock worth $1,456,000 after buying an additional 2,991 shares during the period. Bleakley Financial Group LLC grew its position in shares of Corning by 4.9% in the 1st quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock worth $329,000 after buying an additional 464 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Corning by 11.2% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock valued at $3,601,000 after buying an additional 10,980 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

NYSE GLW opened at $47.20 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The stock has a market capitalization of $40.41 billion, a price-to-earnings ratio of 277.71, a PEG ratio of 1.55 and a beta of 1.03. The business’s fifty day moving average price is $45.51 and its 200-day moving average price is $41.33.

Corning (NYSE:GLW) last released its quarterly 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 during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company 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 of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. Corning’s dividend payout ratio (DPR) 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.