Corning Incorporated (NYSE:GLW) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,214 shares of the electronics maker’s stock after acquiring an additional 2,702 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Corning were worth $1,816,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Compass Ion Advisors LLC acquired a new stake in Corning in the 3rd quarter valued at approximately $521,000. Vest Financial LLC grew its holdings in shares of Corning by 33.9% during the 3rd quarter. Vest Financial LLC now owns 14,376 shares of the electronics maker’s stock valued at $649,000 after acquiring an additional 3,636 shares in the last quarter. OLD National Bancorp IN lifted its holdings in shares of Corning by 13.9% during the 3rd quarter. OLD National Bancorp IN now owns 17,295 shares of the electronics maker’s stock valued at $781,000 after buying an additional 2,114 shares during the last quarter. NovaPoint Capital LLC raised its holdings in shares of Corning by 7.5% during the 3rd quarter. NovaPoint Capital LLC now owns 73,299 shares of the electronics maker’s stock valued at $3,309,000 after purchasing an additional 5,088 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Corning by 21.8% during the 3rd quarter. Blue Trust Inc. now owns 20,555 shares of the electronics maker’s stock valued at $928,000 after acquiring an additional 3,679 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 2.0 %

NYSE:GLW opened at $48.04 on Thursday. The stock has a 50-day simple moving average of $44.27 and a 200 day simple moving average of $40.16. 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 PE ratio of 67.66, a PEG ratio of 1.73 and a beta of 1.04. Corning Incorporated has a 52-week low of $26.41 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. On average, sell-side analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on GLW shares. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.