EagleClaw Capital Managment LLC Makes New Investment in Corning Incorporated $GLW

EagleClaw Capital Managment LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,865 shares of the electronics maker’s stock, valued at approximately $5,822,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Alliance Wealth Advisors LLC raised its position in shares of Corning by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock worth $1,033,000 after acquiring an additional 56 shares during the period. Ares Financial Consulting LLC boosted its stake in shares of Corning by 15.6% during the 2nd quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock worth $113,000 after acquiring an additional 60 shares in the last quarter. Signature Equity Partners LLC boosted its stake in shares of Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after acquiring an additional 62 shares in the last quarter. Balefire LLC grew its position in shares of Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock valued at $1,305,000 after acquiring an additional 65 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in shares of Corning by 1.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock valued at $623,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by company insiders.

Corning Stock Down 4.6%

Shares of NYSE GLW opened at $113.98 on Friday. The firm has a market cap of $98.18 billion, a price-to-earnings ratio of 46.14, a price-to-earnings-growth ratio of 1.47 and a beta of 1.23. The company’s 50-day simple moving average is $141.45 and its 200-day simple moving average is $156.03. 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 52-week low of $77.39 and a 52-week high of $271.78.

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, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 EPS. Equities analysts predict that Corning Incorporated will post 3.38 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. Stockholders of record on Friday, November 13th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is 45.34%.

Analyst Ratings Changes

GLW has been the subject of a number of analyst reports. Oppenheimer reduced their price target on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. China Renaissance upgraded Corning from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a research report on Tuesday, September 8th. Morgan Stanley dropped their price objective on Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 28th. The Goldman Sachs Group restated an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. Finally, UBS Group reduced their target price on Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $172.18.

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.