Foresight Capital Management Advisors Inc. Boosts Stake in Corning Incorporated (NYSE:GLW)

Foresight Capital Management Advisors Inc. raised its position in Corning Incorporated (NYSE:GLW) by 4.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,988 shares of the electronics maker’s stock after purchasing an additional 3,505 shares during the quarter. Corning accounts for approximately 2.1% of Foresight Capital Management Advisors Inc.’s holdings, making the stock its 15th biggest holding. Foresight Capital Management Advisors Inc.’s holdings in Corning were worth $3,611,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado increased its position in shares of Corning by 17.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 120,591 shares of the electronics maker’s stock worth $3,672,000 after acquiring an additional 17,915 shares during the period. Cibc World Markets Corp increased its holdings in Corning by 136.1% during the fourth quarter. Cibc World Markets Corp now owns 100,029 shares of the electronics maker’s stock valued at $3,046,000 after buying an additional 57,658 shares during the period. Pinebridge Investments L.P. increased its holdings in Corning by 75.3% during the fourth quarter. Pinebridge Investments L.P. now owns 46,030 shares of the electronics maker’s stock valued at $1,401,000 after buying an additional 19,765 shares during the period. Sompo Asset Management Co. Ltd. purchased a new position in Corning during the fourth quarter valued at approximately $238,000. Finally, Personal CFO Solutions LLC increased its holdings in Corning by 15.9% during the fourth quarter. Personal CFO Solutions LLC now owns 17,158 shares of the electronics maker’s stock valued at $522,000 after buying an additional 2,355 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research note on Monday, June 17th. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Argus lifted their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Corning Stock Down 1.7 %

GLW stock traded down $0.79 during midday trading on Monday, reaching $44.10. 3,170,525 shares of the company were exchanged, compared to its average volume of 5,787,824. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39. The stock’s 50-day simple moving average is $41.81 and its 200 day simple moving average is $38.44. The company has a market cap of $37.77 billion, a price-to-earnings ratio of 62.11, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the firm posted $0.45 EPS. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.54%. Corning’s payout ratio is currently 157.75%.

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.