Primecap Management Co. CA Has $386.42 Million Holdings in Corning Incorporated (NYSE:GLW)

Primecap Management Co. CA trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,558,519 shares of the electronics maker’s stock after selling 3,500 shares during the period. Primecap Management Co. CA owned approximately 1.00% of Corning worth $386,417,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MBB Public Markets I LLC boosted its holdings in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP bought a new position in shares of Corning in the 2nd quarter worth $511,000. National Pension Service lifted its holdings in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares in the last quarter. CWA Asset Management Group LLC bought a new position in shares of Corning in the 3rd quarter worth $5,705,000. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Up 0.1 %

Shares of NYSE GLW opened at $47.35 on Thursday. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The business has a 50-day simple moving average of $46.08 and a two-hundred day simple moving average of $41.81. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $40.54 billion, a P/E ratio of 278.53, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. Research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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 of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Corning’s payout ratio is 658.82%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GLW. JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average 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.