Corning Incorporated (NYSE:GLW) Shares Acquired by Culbertson A N & Co. Inc.

Culbertson A N & Co. Inc. increased its position in shares of Corning Incorporated (NYSE:GLW) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,759 shares of the electronics maker’s stock after acquiring an additional 1,700 shares during the period. Culbertson A N & Co. Inc.’s holdings in Corning were worth $4,143,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. City Holding Co. boosted its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Access Investment Management LLC purchased a new position in Corning in the 1st quarter valued at approximately $28,000. Future Financial Wealth Managment LLC purchased a new position in Corning in the 1st quarter valued at approximately $33,000. Register Financial Advisors LLC acquired a new position in shares of Corning in the first quarter worth $33,000. Finally, ESL Trust Services LLC purchased a new stake in shares of Corning during the first quarter worth $33,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE GLW opened at $46.01 on Thursday. The company has a fifty day moving average of $42.83 and a two-hundred day moving average of $39.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $47.45. The company has a market capitalization of $39.41 billion, a PE ratio of 64.80, a P/E/G ratio of 1.75 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. As a group, analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.43%. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent research reports. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. UBS Group raised their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus price target of $47.23.

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.