Los Angeles Capital Management LLC Increases Stake in Corning Incorporated (NYSE:GLW)

Los Angeles Capital Management LLC increased its position in Corning Incorporated (NYSE:GLW) by 215.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,677,513 shares of the electronics maker’s stock after acquiring an additional 1,145,955 shares during the quarter. Los Angeles Capital Management LLC owned about 0.20% of Corning worth $75,740,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. West Oak Capital LLC raised its holdings in Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its holdings in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares in the last quarter. SteelPeak Wealth LLC raised its holdings in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares in the last quarter. Grove Bank & Trust raised its holdings in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its holdings in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW traded up $0.50 on Friday, hitting $48.72. The stock had a trading volume of 4,827,795 shares, compared to its average volume of 4,865,367. The stock has a market cap of $41.71 billion, a price-to-earnings ratio of 286.59, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business’s 50-day simple moving average is $45.10 and its two-hundred day simple moving average is $40.98. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced its 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 business had revenue of $3.39 billion for 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 business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.45 earnings per share. As a group, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

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 given 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 dividend yield of 2.30%. Corning’s payout ratio is currently 658.82%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.