OneDigital Investment Advisors LLC Increases Position in Corning Incorporated (NYSE:GLW)

OneDigital Investment Advisors LLC lifted its stake in Corning Incorporated (NYSE:GLW) by 13.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,496 shares of the electronics maker’s stock after buying an additional 3,204 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Corning were worth $1,241,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Corning by 0.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 444,777 shares of the electronics maker’s stock valued at $14,659,000 after acquiring an additional 2,079 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Corning by 21.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock valued at $975,000 after purchasing an additional 5,151 shares during the last quarter. Bessemer Group Inc. raised its stake in Corning by 3.1% in the first quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock valued at $812,000 after buying an additional 743 shares in the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of Corning during the 1st quarter worth approximately $203,000. Finally, National Bank of Canada FI boosted its holdings in shares of Corning by 27.8% in the first quarter. National Bank of Canada FI now owns 570,161 shares of the electronics maker’s stock valued at $19,476,000 after acquiring an additional 123,929 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Susquehanna increased their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of Corning stock opened at $46.44 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $45.85 and a 200-day simple moving average of $41.68. The stock has a market capitalization of $39.76 billion, a price-to-earnings ratio of 273.18, a PEG ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, sell-side analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Corning Company 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.