7,613 Shares of Corning Incorporated $GLW Acquired by Pensioenfonds Rail & OV

Pensioenfonds Rail & OV bought a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,613 shares of the electronics maker’s stock, valued at approximately $1,171,000.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew its stake in Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after acquiring an additional 4,845,027 shares during the period. Bank of America Corp DE increased its holdings in shares of Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after acquiring an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after purchasing an additional 4,446,514 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Corning during the second quarter worth approximately $1,510,911,000. Finally, Legal & General Group Plc acquired a new position in shares of Corning during the second quarter worth approximately $1,212,283,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 4.6%

Shares of GLW stock traded down $5.52 on Friday, hitting $113.98. The stock had a trading volume of 6,850,373 shares, compared to its average volume of 10,761,385. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. The business has a 50 day moving average of $141.45 and a 200 day moving average of $156.03. Corning Incorporated has a 12-month low of $77.39 and a 12-month high of $271.78. The stock has a market cap of $98.18 billion, a price-to-earnings ratio of 46.14, a price-to-earnings-growth ratio of 1.47 and a beta of 1.23.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same period in the previous year, the company earned $0.67 earnings per share. The firm’s revenue for the quarter was up 18.9% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 3.38 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. Jefferies Financial Group began coverage on shares of Corning in a research note on Wednesday. They set a “buy” rating and a $134.00 price target for the company. Bank of America lowered their price objective on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Oppenheimer lowered their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Finally, Mizuho dropped their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $172.18.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by insiders.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.