Firsthand Capital Management Inc. Purchases 1,460 Shares of Corning Incorporated (NYSE:GLW)

Firsthand Capital Management Inc. raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 14.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,460 shares of the electronics maker’s stock after acquiring an additional 1,460 shares during the quarter. Corning makes up approximately 1.0% of Firsthand Capital Management Inc.’s holdings, making the stock its 23rd biggest position. Firsthand Capital Management Inc.’s holdings in Corning were worth $517,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in GLW. City Holding Co. increased its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning in the 3rd quarter valued at about $39,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning in the third quarter valued at about $40,000. Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on GLW shares. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. 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. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Up 0.9 %

Shares of Corning stock opened at $48.67 on Friday. Corning Incorporated has a 52-week low of $28.02 and a 52-week high of $51.03. The stock has a market cap of $41.67 billion, a PE ratio of 286.29, a PEG ratio of 1.54 and a beta of 1.03. The firm has a 50-day moving average of $46.78 and a 200-day moving average of $42.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

About Corning

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.