KBC Group NV Grows Position in Corning Incorporated (NYSE:GLW)

KBC Group NV increased its position in Corning Incorporated (NYSE:GLW) by 19.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 124,820 shares of the electronics maker’s stock after buying an additional 20,474 shares during the quarter. KBC Group NV’s holdings in Corning were worth $5,635,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MBB Public Markets I LLC raised its stake in shares of Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in Corning during the 2nd quarter valued at about $511,000. National Pension Service raised its position in Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in Corning in the 3rd quarter worth approximately $5,705,000. Finally, Los Angeles Capital Management LLC grew its position in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. UBS Group boosted 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. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Down 1.2 %

NYSE GLW opened at $46.49 on Monday. The stock’s fifty day moving average price is $45.74 and its 200-day moving average price is $41.59. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for 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%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. As a group, equities analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s payout ratio is currently 658.82%.

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.