Charles Schwab Investment Management Inc. Raises Holdings in Corning Incorporated (NYSE:GLW)

Charles Schwab Investment Management Inc. lifted its holdings in Corning Incorporated (NYSE:GLW) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,853,076 shares of the electronics maker’s stock after purchasing an additional 38,168 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.57% of Corning worth $219,116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of GLW. City Holding Co. lifted its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Accordant Advisory Group Inc bought a new position in Corning during the second quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC purchased a new stake in Corning in the third quarter worth approximately $39,000. Global Trust Asset Management LLC grew its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in Corning during the 3rd quarter valued at $45,000. 69.80% of the stock is owned by institutional investors.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.40% of the company’s stock.

Corning Stock Up 1.4 %

GLW opened at $48.52 on Friday. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market cap of $41.54 billion, a price-to-earnings ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm’s fifty day moving average is $46.33 and its 200 day moving average is $42.02.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

Several brokerages recently commented on GLW. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning 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.