Mariner Investment Group LLC Takes $903,000 Position in Corning Incorporated (NYSE:GLW)

Mariner Investment Group LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,000 shares of the electronics maker’s stock, valued at approximately $903,000. Corning accounts for approximately 0.2% of Mariner Investment Group LLC’s investment portfolio, making the stock its 12th largest position.

Several other hedge funds also recently added to or reduced their stakes in GLW. City Holding Co. boosted its holdings in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Global Trust Asset Management LLC grew its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. ESL Trust Services LLC purchased a new stake in Corning during the 1st quarter worth $33,000. Accordant Advisory Group Inc acquired a new position in Corning in the 2nd quarter worth $39,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Corning in the 3rd quarter valued at about $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

GLW stock opened at $48.36 on Monday. The stock’s fifty day moving average is $44.52 and its two-hundred day moving average is $40.47. The stock has a market capitalization of $41.38 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66. Corning Incorporated has a 1 year low of $26.71 and a 1 year high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 earnings per share. On average, research analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday. Citigroup increased their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Susquehanna increased their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.