Corning Incorporated $GLW Shares Bought by Fulcrum Asset Management LLP

Key Points

• Fulcrum Asset Management increased its Corning stake by 414% in the third quarter, ending the period with 33,722 shares valued at about $5.35 million. Institutional investors collectively own 69.8% of the company.
• Corning reported quarterly EPS of $0.91, ahead of the $0.88 consensus, while revenue of $5.08 billion beat estimates and rose 18.9% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $174.56. Corning also declared a quarterly dividend of $0.28 per share.

Fulcrum Asset Management LLP boosted its position in Corning Incorporated (NYSE:GLW - Free Report) by 414.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,722 shares of the electronics maker's stock after purchasing an additional 27,161 shares during the period. Fulcrum Asset Management LLP's holdings in Corning were worth $5,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Herbst Group LLC purchased a new stake in shares of Corning in the second quarter valued at approximately $4,474,000. Principal Financial Group Inc. raised its stake in shares of Corning by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock worth $121,483,000 after acquiring an additional 10,591 shares in the last quarter. Wealthfront Advisers LLC lifted its holdings in shares of Corning by 36.2% during the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock valued at $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Silverlake Wealth Management LLC purchased a new stake in Corning in the second quarter valued at about $1,872,000. Finally, Atlas Wealth LLC boosted its stake in Corning by 137.8% in the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker's stock worth $1,642,000 after purchasing an additional 6,998 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on GLW shares. Zacks Research upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 28th. Citigroup reissued a "buy" rating on shares of Corning in a report on Tuesday, October 27th. Mizuho lowered their target price on Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 15th. Fox Advisors raised Corning from an "equal weight" rating to an "overweight" rating in a report on Thursday, November 5th. Finally, Barclays lifted their price target on Corning from $129.00 to $132.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $174.56.

Corning Trading Up 9.4%

Shares of Corning stock opened at $116.08 on Tuesday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78. The firm has a market capitalization of $99.99 billion, a PE ratio of 38.19, a P/E/G ratio of 1.46 and a beta of 1.23. The firm's 50-day moving average price is $143.82 and its 200 day moving average price is $155.67.

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

Corning Announces Dividend

The company 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.0%. Corning's payout ratio is currently 45.34%.

About Corning

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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