Corning Incorporated $GLW Stock: Rakuten Investment Management Inc. Boosts Position

Rakuten Investment Management Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 10.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 142,476 shares of the electronics maker’s stock after acquiring an additional 13,721 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Corning were worth $22,612,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. State Street Corp raised 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 valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the period. Bank of America Corp DE boosted its stake in shares of 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 period. Wellington Management Group LLP grew its stake in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after acquiring an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Corning during the second quarter valued at approximately $1,510,911,000. Finally, Legal & General Group Plc bought a new stake in shares of Corning during the second quarter valued at approximately $1,212,283,000. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is currently owned by company insiders.

Corning Stock Performance

GLW stock opened at $126.05 on Wednesday. The firm has a market cap of $108.58 billion, a price-to-earnings ratio of 51.03, a PEG ratio of 1.52 and a beta of 1.23. The firm has a 50-day simple moving average of $146.97 and a two-hundred day simple moving average of $155.31. Corning Incorporated has a one year low of $77.39 and a one year high of $271.78. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same period last year, the business earned $0.67 EPS. The company’s revenue was up 18.9% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 3.37 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 0.9%. Corning’s dividend payout ratio is presently 45.34%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GLW. Mizuho dropped their price objective on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 15th. Barclays raised their price objective on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 28th. Oppenheimer decreased their target price on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. The Goldman Sachs Group reiterated an “outperform” rating on shares of Corning in a report on Tuesday, September 15th. Finally, Truist Financial reissued a “buy” rating and set a $175.00 price target (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $175.81.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.