Swedbank AB Buys 14,403 Shares of Corning Incorporated (NYSE:GLW)

Swedbank AB grew its stake in Corning Incorporated (NYSE:GLW) by 60.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,314 shares of the electronics maker’s stock after purchasing an additional 14,403 shares during the quarter. Swedbank AB’s holdings in Corning were worth $1,730,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. grew its stake in shares of Corning by 5.5% in the first quarter. B. Riley Wealth Advisors Inc. now owns 68,309 shares of the electronics maker’s stock valued at $2,081,000 after acquiring an additional 3,540 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Corning by 8.6% in the first quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock valued at $1,657,000 after acquiring an additional 3,996 shares in the last quarter. Advisory Resource Group acquired a new position in shares of Corning in the first quarter valued at about $225,000. Wahed Invest LLC grew its stake in shares of Corning by 14.9% in the first quarter. Wahed Invest LLC now owns 14,914 shares of the electronics maker’s stock valued at $492,000 after acquiring an additional 1,932 shares in the last quarter. Finally, Atria Investments Inc grew its stake in shares of Corning by 9.6% in the first quarter. Atria Investments Inc now owns 63,353 shares of the electronics maker’s stock valued at $2,088,000 after acquiring an additional 5,526 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 0.5 %

GLW opened at $48.22 on Thursday. The company’s 50 day moving average is $46.62 and its 200-day moving average is $42.32. The company has a market cap of $41.29 billion, a P/E ratio of 283.65, a PEG ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. 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 issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business 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 firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned $0.45 EPS. Equities research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 yield of 2.32%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Insider Activity at Corning

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

Analysts Set New Price Targets

Several equities analysts recently commented on GLW shares. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.