King Luther Capital Management Corp Has $1.92 Million Position in Corning Incorporated (NYSE:GLW)

King Luther Capital Management Corp raised its stake in Corning Incorporated (NYSE:GLW) by 44.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 42,488 shares of the electronics maker’s stock after buying an additional 13,037 shares during the quarter. King Luther Capital Management Corp’s holdings in Corning were worth $1,918,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC lifted its holdings in shares of Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after acquiring an additional 1,026,626 shares during the period. Shellback Capital LP acquired a new stake in shares of Corning during the 2nd quarter worth approximately $34,483,000. Finally, Conning Inc. increased its stake in Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after acquiring an additional 875,008 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was 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. Insiders own 0.40% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $48.50 on Friday. The stock has a market cap of $41.52 billion, a price-to-earnings ratio of 285.26, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company’s fifty day moving average is $46.33 and its 200 day moving average is $41.96. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GLW. Barclays raised 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. UBS Group lifted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Company 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.