Corning Incorporated (NYSE:GLW) Shares Acquired by Aureus Asset Management LLC

Aureus Asset Management LLC increased its position in shares of Corning Incorporated (NYSE:GLW) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,943 shares of the electronics maker’s stock after purchasing an additional 280 shares during the quarter. Aureus Asset Management LLC’s holdings in Corning were worth $313,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of GLW. Point72 Asia Singapore Pte. Ltd. acquired a new position in Corning during the third quarter valued at $514,000. Point72 Hong Kong Ltd acquired a new position in shares of Corning in the 3rd quarter valued at about $3,411,000. Erste Asset Management GmbH purchased a new stake in shares of Corning in the third quarter worth about $3,545,000. Cobblestone Capital Advisors LLC NY grew its holdings in Corning by 152.7% during the third quarter. Cobblestone Capital Advisors LLC NY now owns 13,474 shares of the electronics maker’s stock worth $608,000 after acquiring an additional 8,142 shares during the period. Finally, Firsthand Capital Management Inc. grew its holdings in Corning by 14.6% during the third quarter. Firsthand Capital Management Inc. now owns 11,460 shares of the electronics maker’s stock worth $517,000 after acquiring an additional 1,460 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.2 %

Shares of Corning stock opened at $49.24 on Tuesday. 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 Incorporated has a twelve month low of $28.30 and a twelve month high of $51.03. The firm has a market capitalization of $42.16 billion, a PE ratio of 289.65, a P/E/G ratio of 1.56 and a beta of 1.03. The firm’s 50-day moving average price is $46.87 and its 200 day moving average price is $42.66.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating 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 business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $0.45 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

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 issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GLW shares. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.