Neo Ivy Capital Management Purchases Shares of 53,476 Corning Incorporated (NYSE:GLW)

Neo Ivy Capital Management bought a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 53,476 shares of the electronics maker’s stock, valued at approximately $2,414,000. Corning makes up 0.8% of Neo Ivy Capital Management’s portfolio, making the stock its 24th biggest holding.

Other institutional investors have also recently made changes to their positions in the company. City Holding Co. increased its position in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Corning during the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning during the third quarter valued at approximately $40,000. Global Trust Asset Management LLC lifted its stake in Corning by 2,250.0% in 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 during the period. Finally, Venturi Wealth Management LLC lifted its stake in Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 473 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW stock opened at $48.37 on Wednesday. The firm’s 50 day moving average price is $47.29 and its two-hundred day moving average price is $43.08. 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 $41.41 billion, a PE ratio of 284.53, a PEG ratio of 1.58 and a beta of 1.03. Corning Incorporated has a 52-week low of $29.14 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the company earned $0.45 EPS. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s payout ratio is 658.82%.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which is available 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. 0.45% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.08.

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.