Toronto Dominion Bank Raises Holdings in Corning Incorporated (NYSE:GLW)

Toronto Dominion Bank increased its position in shares of Corning Incorporated (NYSE:GLW) by 9.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 289,853 shares of the electronics maker’s stock after buying an additional 25,590 shares during the period. Toronto Dominion Bank’s holdings in Corning were worth $13,087,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP increased its position in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the period. State Street Corp increased its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the period. Dimensional Fund Advisors LP raised its stake in Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after buying an additional 38,168 shares during the period. Finally, FMR LLC boosted its position in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Transactions at Corning

In other 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were 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. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $48.15 on Friday. The business has a fifty day moving average of $47.57 and a 200 day moving average of $43.31. Corning Incorporated has a 1 year low of $29.71 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The firm has a market capitalization of $41.23 billion, a price-to-earnings ratio of 283.24, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data 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. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. As a group, research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

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.