International Assets Investment Management LLC Has $11.20 Million Position in Corning Incorporated (NYSE:GLW)

International Assets Investment Management LLC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 1,780.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 248,009 shares of the electronics maker’s stock after buying an additional 234,817 shares during the period. International Assets Investment Management LLC’s holdings in Corning were worth $11,198,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of GLW. Diversified Trust Co boosted its stake in shares of Corning by 10.8% during the 1st quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker’s stock valued at $404,000 after buying an additional 1,191 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Corning by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after purchasing an additional 42,832 shares during the last quarter. Norden Group LLC lifted its stake in shares of Corning by 2,778.7% in the 1st quarter. Norden Group LLC now owns 261,735 shares of the electronics maker’s stock valued at $8,627,000 after purchasing an additional 252,643 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in shares of Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after purchasing an additional 361 shares during the last quarter. Finally, HB Wealth Management LLC lifted its stake in shares of Corning by 7.1% in the 1st quarter. HB Wealth Management LLC now owns 10,570 shares of the electronics maker’s stock valued at $348,000 after purchasing an additional 699 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several analyst reports. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

NYSE:GLW opened at $48.04 on Thursday. The firm’s 50-day moving average is $44.27 and its 200-day moving average is $40.16. Corning Incorporated has a 52-week low of $26.41 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market cap of $41.15 billion, a price-to-earnings ratio of 67.66, a PEG ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. Equities research analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid 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 2.33%. Corning’s payout ratio is currently 157.75%.

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.