Corning Incorporated $GLW Stock: International Assets Investment Management LLC Grows Stake

International Assets Investment Management LLC increased its stake in shares of Corning Incorporated (NYSE:GLW) by 549.3% during the third quarter, HoldingsChannel.com reports. The fund owned 12,324 shares of the electronics maker’s stock after purchasing an additional 10,426 shares during the period. International Assets Investment Management LLC’s holdings in Corning were worth $1,977,000 as of its most recent SEC filing.

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

Corning Stock Performance

GLW opened at $106.03 on Monday. The firm has a market capitalization of $91.34 billion, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 1.31 and a beta of 1.23. The stock’s 50 day moving average price is $144.47 and its two-hundred day moving average price is $155.55. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. Corning Incorporated has a 12-month low of $77.39 and a 12-month high of $271.78.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. During the same period in the previous year, the company earned $0.67 earnings per share. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

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 given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 1.1%. Corning’s payout ratio is 45.34%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. Citigroup restated a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. UBS Group lowered their target price on shares of Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Sanford C. Bernstein assumed coverage on shares of Corning in a research report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 target price for the company. Finally, The Goldman Sachs Group restated an “outperform” rating on shares of Corning in a report on Tuesday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $175.81.

Insider Transactions at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.25% of the company’s stock.

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.