10,426 Corning Incorporated $GLW Shares Purchased by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Corning stake by 549.3%, buying 10,426 shares in the third quarter and ending with 12,324 shares valued at about $1.98 million. Institutional investors collectively own 69.8% of the company.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $175.81; coverage includes 14 Buy and five Hold ratings, plus one Strong Buy.
• Corning beat quarterly earnings expectations, reporting EPS of $0.91 versus $0.88 expected and revenue up 18.9% year over year. The company also declared a quarterly dividend of $0.28 per share.

International Assets Investment Management LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 549.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,324 shares of the electronics maker's stock after acquiring an additional 10,426 shares during the quarter. International Assets Investment Management LLC's holdings in Corning were worth $1,977,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. State Street Corp lifted its position in shares of Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock worth $10,500,315,000 after purchasing an additional 4,845,027 shares in the last quarter. Bank of America Corp DE grew its position in Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock valued at $4,784,361,000 after purchasing an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP grew its position in Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock valued at $3,365,084,000 after purchasing an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Corning during the second quarter valued at approximately $1,510,911,000. Finally, Legal & General Group Plc acquired a new position in Corning in the 2nd quarter valued at approximately $1,212,283,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on GLW. Weiss Ratings downgraded shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Mizuho lowered their price target on shares of Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a report on Tuesday, September 15th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $170.00 to $165.00 and set a "neutral" rating on the stock in a report on Wednesday, October 21st. Barclays upped their price target on shares of Corning from $129.00 to $132.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 28th. Finally, Bank of America cut their price objective on Corning from $243.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $175.81.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the firm's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is currently owned by company insiders.

Corning Trading Down 0.1%

Shares of NYSE GLW opened at $106.03 on Monday. The business has a 50 day simple moving average of $144.47 and a 200 day simple moving average of $155.55. Corning Incorporated has a 52 week low of $77.39 and a 52 week high of $271.78. The stock has a market cap of $91.34 billion, a price-to-earnings ratio of 42.93, a PEG ratio of 1.31 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company's revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.67 earnings per share. On average, research analysts predict that Corning Incorporated will post 3.38 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.1%. Corning's dividend payout ratio is 45.34%.

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.

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