Bleakley Financial Group LLC Has $556,000 Position in Corning Incorporated (NYSE:GLW)

Bleakley Financial Group LLC boosted its stake in Corning Incorporated (NYSE:GLW) by 10.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,316 shares of the electronics maker’s stock after purchasing an additional 1,130 shares during the quarter. Bleakley Financial Group LLC’s holdings in Corning were worth $556,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the period. Natixis increased its holdings in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares during the period. Shellback Capital LP bought a new position in shares of Corning in the 2nd quarter worth $34,483,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Corning in the 2nd quarter valued at $20,651,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GLW shares. Oppenheimer lifted their price objective on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, September 20th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. JPMorgan Chase & Co. raised their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Finally, Argus increased their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning Trading Up 0.8 %

Shares of GLW stock opened at $47.03 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market cap of $40.29 billion, a P/E ratio of 66.24, a PEG ratio of 1.74 and a beta of 1.04. The company has a 50 day moving average of $43.31 and a 200-day moving average of $39.47. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $47.45.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. Corning’s payout ratio is 157.75%.

Corning Company 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.