13,721 Corning Incorporated $GLW Shares Bought by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management increased its Corning stake by 10.7% in the third quarter, buying 13,721 shares and bringing its holdings to 142,476 shares, valued at about $22.6 million.
• Corning reported quarterly EPS of $0.91, beating the $0.88 consensus, while revenue of $5.08 billion also topped expectations and rose 18.9% year over year.
• Analysts hold a consensus “Moderate Buy” rating with a $175.81 price target. Corning also announced a quarterly dividend of $0.28 per share, equal to a 0.9% yield.

Rakuten Investment Management Inc. boosted its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 10.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 142,476 shares of the electronics maker's stock after buying an additional 13,721 shares during the quarter. Rakuten Investment Management Inc.'s holdings in Corning were worth $22,612,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in GLW. Atwood & Palmer Inc. purchased a new stake in shares of Corning during the second quarter worth about $26,000. Rogco LP bought a new stake in shares of Corning in the second quarter worth about $27,000. Western Pacific Wealth Management LP purchased a new position in Corning during the 3rd quarter valued at about $25,000. Kings Path Partners LLC purchased a new position in Corning during the 3rd quarter valued at about $25,000. Finally, Toth Financial Advisory Corp increased its holdings in Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker's stock valued at $27,000 after purchasing an additional 98 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity

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 sale, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is currently owned by company insiders.

Corning Trading Up 2.3%

Corning stock opened at $126.05 on Wednesday. The stock has a market capitalization of $108.58 billion, a PE ratio of 51.03, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23. The business's fifty day moving average is $146.97 and its 200 day moving average is $155.31. Corning Incorporated has a one year low of $77.39 and a one year high of $271.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $5.08 billion for the quarter, compared to analysts' expectations of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The firm's quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the company posted $0.67 earnings per share. On average, sell-side analysts predict that Corning Incorporated will post 3.37 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. Corning's dividend payout ratio is currently 45.34%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. Morgan Stanley lowered their price target on Corning from $165.00 to $155.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 28th. Citigroup reiterated a "buy" rating on shares of Corning in a research report on Tuesday, October 27th. Barclays upped their price objective on shares of Corning from $129.00 to $132.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 28th. Wall Street Zen raised Corning from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Finally, The Goldman Sachs Group reissued an "outperform" rating on shares of Corning in a research report on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $175.81.

About Corning

Corning Incorporated NYSE: GLW is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company's products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.

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