Corning Incorporated $GLW Stock: StoneX Group Inc. Raises Position

StoneX Group Inc. grew its position in Corning Incorporated (NYSE:GLW) by 11.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 55,989 shares of the electronics maker’s stock after acquiring an additional 5,747 shares during the quarter. StoneX Group Inc.’s holdings in Corning were worth $8,594,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in shares of Corning during the 2nd quarter valued at about $1,510,911,000. State Street Corp grew its stake in shares of Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after buying an additional 4,845,027 shares in the last quarter. Legal & General Group Plc bought a new stake in shares of Corning in the 2nd quarter valued at approximately $1,212,283,000. Wellington Management Group LLP increased its holdings in Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after buying an additional 4,446,514 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE:GLW opened at $106.03 on Friday. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78. The business has a 50-day moving average of $144.47 and a two-hundred day moving average of $155.55. The stock has a market capitalization of $91.34 billion, a P/E ratio of 42.93, a P/E/G ratio of 1.31 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 EPS. On average, equities research analysts predict that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, November 13th. Corning’s payout ratio is 45.34%.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on GLW shares. Morgan Stanley cut their price objective on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 28th. Zacks Research raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 28th. Truist Financial reissued a “buy” rating and issued a $175.00 target price (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. The Goldman Sachs Group restated an “outperform” rating on shares of Corning in a research note on Tuesday, September 15th. Finally, Bank of America cut their price target on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $175.81.

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.