B. Metzler seel. Sohn & Co. Holding AG Invests $1.53 Million in Corning Incorporated (NYSE:GLW)

B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 33,932 shares of the electronics maker’s stock, valued at approximately $1,532,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. City Holding Co. grew its position in Corning by 545.5% in the third 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. Accordant Advisory Group Inc purchased a new stake in shares of Corning in the second quarter valued at $39,000. Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning in the 3rd quarter worth about $39,000. Global Trust Asset Management LLC raised its position in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning in the third quarter worth about $45,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Corning Stock Performance

Shares of GLW opened at $48.50 on Friday. 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 market cap of $41.52 billion, a PE ratio of 285.26, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The stock has a fifty day moving average price of $46.33 and a 200-day moving average price of $41.96.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company earned $0.45 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning’s dividend payout ratio (DPR) is 658.82%.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is currently owned by insiders.

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.