Cornerstone Capital Inc. Has $27.87 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Cornerstone Capital Inc. grew its stake in Corning Incorporated (NYSE:GLW) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 617,177 shares of the electronics maker’s stock after purchasing an additional 9,706 shares during the quarter. Corning comprises approximately 2.6% of Cornerstone Capital Inc.’s holdings, making the stock its 12th largest holding. Cornerstone Capital Inc. owned 0.07% of Corning worth $27,866,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GLW. Price T Rowe Associates Inc. MD grew its position 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 acquiring an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP increased its stake in Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares in the last quarter. Natixis boosted its stake in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Raymond James & Associates raised its holdings in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the last quarter. Finally, National Pension Service raised its stake in shares of Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after buying an additional 152,922 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Down 0.1 %

NYSE:GLW traded down $0.06 during trading hours on Tuesday, hitting $46.96. The stock had a trading volume of 1,019,302 shares, compared to its average volume of 5,722,848. The company has a market cap of $40.18 billion, a price-to-earnings ratio of 276.59, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a one year low of $26.94 and a one year high of $51.03. The business’s 50 day moving average is $44.62 and its 200-day moving average is $40.58.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share. Sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. 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 2.39%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Analyst Upgrades and Downgrades

GLW has been the topic of several research reports. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target 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.