OLD National Bancorp IN Purchases 2,114 Shares of Corning Incorporated (NYSE:GLW)

OLD National Bancorp IN lifted its position in Corning Incorporated (NYSE:GLW) by 13.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,295 shares of the electronics maker’s stock after acquiring an additional 2,114 shares during the quarter. OLD National Bancorp IN’s holdings in Corning were worth $781,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Fisher Asset Management LLC lifted its stake in shares of Corning by 60.5% during the 4th quarter. Fisher Asset Management LLC now owns 16,647 shares of the electronics maker’s stock worth $507,000 after acquiring an additional 6,276 shares during the last quarter. Park Avenue Securities LLC purchased a new stake in Corning during the first quarter worth $252,000. Riverview Trust Co purchased a new stake in shares of Corning during the first quarter valued at about $35,000. Kwmg LLC boosted its stake in Corning by 4.0% in the first quarter. Kwmg LLC now owns 145,514 shares of the electronics maker’s stock valued at $4,796,000 after acquiring an additional 5,543 shares in the last quarter. Finally, Atlas Capital Advisors LLC boosted its position in shares of Corning by 2.4% in the 1st quarter. Atlas Capital Advisors LLC now owns 19,705 shares of the electronics maker’s stock worth $649,000 after purchasing an additional 471 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the subject of a number of research analyst reports. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Tuesday, July 9th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Price Performance

Shares of NYSE:GLW opened at $47.03 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average price of $43.31 and a 200 day moving average price of $39.47. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45. The company has a market cap of $40.29 billion, a P/E ratio of 66.24, a PEG ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm posted $0.45 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 157.75%.

About Corning

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.