JCIC Asset Management Inc. Buys New Holdings in Corning Incorporated $GLW

Key Points

• JCIC Asset Management opened a Corning position in the third quarter, buying 32,458 shares worth about $4.99 million; the stock now represents roughly 2% of its portfolio.
• Corning beat quarterly earnings and revenue estimates, reporting EPS of $0.91 and revenue of $5.08 billion. Revenue rose 18.9% year over year.
• The company declared a quarterly dividend of $0.28 per share, equal to $1.12 annually and a 0.9% yield; analysts’ consensus rating is “Moderate Buy,” with a $175.81 average price target.

JCIC Asset Management Inc. bought a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 32,458 shares of the electronics maker's stock, valued at approximately $4,991,000. Corning makes up about 2.0% of JCIC Asset Management Inc.'s holdings, making the stock its 16th largest position.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its position in shares of Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock valued at $10,500,315,000 after acquiring an additional 4,845,027 shares in the last quarter. Bank of America Corp DE raised its holdings in Corning by 29.2% in the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock worth $4,784,361,000 after acquiring an additional 4,231,507 shares during the last quarter. Wellington Management Group LLP lifted its position in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock valued at $3,365,084,000 after acquiring an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Corning in the 2nd quarter valued at approximately $1,510,911,000. Finally, Legal & General Group Plc purchased a new stake in Corning during the 2nd quarter valued at $1,212,283,000. 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 firm's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares of the company's stock, valued at approximately $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 can be accessed through this link. 0.25% of the stock is owned by company insiders.

Corning Stock Performance

Shares of NYSE GLW opened at $118.73 on Thursday. Corning Incorporated has a 12-month low of $77.39 and a 12-month high of $271.78. The firm has a market capitalization of $102.27 billion, a price-to-earnings ratio of 48.07, a price-to-earnings-growth ratio of 1.55 and a beta of 1.23. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average of $146.40 and a 200 day moving average of $155.44.

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

Corning Announces Dividend

The business also recently disclosed 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. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning's dividend payout ratio is 45.34%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. JPMorgan Chase & Co. reduced their target price on Corning from $170.00 to $165.00 and set a "neutral" rating for the company in a report on Wednesday, October 21st. Bank of America decreased their price target on Corning from $243.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, July 29th. Wall Street Zen raised Corning from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Weiss Ratings cut Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Finally, The Goldman Sachs Group reaffirmed 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 has an average rating of "Moderate Buy" and a consensus price target of $175.81.

Corning Company Profile

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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