Northeast Investment Management Buys 2,270 Shares of Corning Incorporated (NYSE:GLW)

Northeast Investment Management grew its stake in Corning Incorporated (NYSE:GLW) by 16.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 16,227 shares of the electronics maker’s stock after purchasing an additional 2,270 shares during the quarter. Northeast Investment Management’s holdings in Corning were worth $733,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. City Holding Co. lifted 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 purchasing an additional 600 shares in the last quarter. ESL Trust Services LLC bought a new position in shares of Corning during the first quarter valued at $33,000. Accordant Advisory Group Inc bought a new position in shares of Corning during the second quarter valued at $39,000. Global Trust Asset Management LLC lifted its holdings in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning during the third quarter valued at $45,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of GLW opened at $48.36 on Monday. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a 50-day simple moving average of $44.52 and a two-hundred day simple moving average of $40.47. The stock 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. Corning Incorporated has a 52 week low of $26.71 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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the business posted $0.45 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. On average, analysts expect 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. Investors of record on Friday, November 15th will be given 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 is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Barclays increased their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Corning has an average 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.