Bridgewater Associates LP acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the 3rd quarter, Holdings Channel reports. The firm acquired 46,204 shares of the electronics maker’s stock, valued at approximately $1,631,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Dupont Capital Management Corp increased its stake in shares of Corning by 62.4% in the 2nd quarter. Dupont Capital Management Corp now owns 11,884 shares of the electronics maker’s stock valued at $327,000 after buying an additional 4,565 shares during the period. TD Asset Management Inc. increased its stake in shares of Corning by 16.7% in the 2nd quarter. TD Asset Management Inc. now owns 721,990 shares of the electronics maker’s stock valued at $19,862,000 after buying an additional 103,318 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Corning by 16,371.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after buying an additional 4,584 shares during the period. Synovus Financial Corp increased its stake in shares of Corning by 35.5% in the 2nd quarter. Synovus Financial Corp now owns 11,351 shares of the electronics maker’s stock valued at $314,000 after buying an additional 2,973 shares during the period. Finally, Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Corning in the 2nd quarter valued at $19,372,000. Institutional investors and hedge funds own 70.83% of the company’s stock.
Shares of Corning stock opened at $33.39 on Tuesday. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. Corning Incorporated has a 12 month low of $26.11 and a 12 month high of $36.56. The firm has a market cap of $25.79 billion, a P/E ratio of 19.41, a P/E/G ratio of 2.07 and a beta of 1.30.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.16%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
Several equities research analysts have recently commented on GLW shares. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and lifted their target price for the company from $32.50 to $40.00 in a research note on Friday, September 14th. Argus lifted their target price on Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research note on Thursday, September 20th. UBS Group set a $36.00 price objective on Corning and gave the stock a “hold” rating in a research note on Wednesday, September 26th. Finally, Guggenheim reaffirmed a “buy” rating and set a $41.00 price objective on shares of Corning in a research note on Tuesday, October 23rd. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $36.11.
In other Corning news, SVP Lewis A. Steverson sold 12,577 shares of Corning stock in a transaction dated Monday, November 26th. The stock was sold at an average price of $31.47, for a total transaction of $395,798.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Deborah Rieman sold 4,430 shares of Corning stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $32.30, for a total value of $143,089.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,824 shares of company stock valued at $1,653,042. 0.46% of the stock is owned by insiders.
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Corning Company Profile
Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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