Lincluden Management Ltd. Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

Lincluden Management Ltd. lifted its position in shares of Corning Incorporated (NYSE:GLW) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,735 shares of the electronics maker’s stock after purchasing an additional 858 shares during the period. Lincluden Management Ltd.’s holdings in Corning were worth $4,232,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GLW. Access Investment Management LLC purchased a new stake in shares of Corning during the 1st quarter worth $28,000. City Holding Co. raised its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. ESL Trust Services LLC acquired a new stake in Corning during the 1st quarter worth $33,000. Accordant Advisory Group Inc acquired a new stake in Corning during the 2nd quarter worth $39,000. Finally, Global Trust Asset Management LLC raised its stake in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Down 0.9 %

GLW stock opened at $47.59 on Friday. The company has a market cap of $40.72 billion, a P/E ratio of 279.94, a P/E/G ratio of 1.61 and a beta of 1.04. Corning Incorporated has a 52 week low of $26.41 and a 52 week high of $51.03. The company’s 50-day moving average price is $44.40 and its 200 day moving average price is $40.22. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, research analysts expect that Corning Incorporated will post 1.93 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Corning 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.