KCM Investment Advisors LLC Grows Stock Position in Corning Incorporated (NYSE:GLW)

KCM Investment Advisors LLC grew its stake in shares of Corning Incorporated (NYSE:GLW) by 7.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,252 shares of the electronics maker’s stock after acquiring an additional 2,865 shares during the quarter. KCM Investment Advisors LLC’s holdings in Corning were worth $1,772,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Empowered Funds LLC raised its stake in Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after purchasing an additional 5,081 shares during the last quarter. Bleakley Financial Group LLC boosted its position in shares of Corning by 4.9% during the 1st quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock worth $329,000 after purchasing an additional 464 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Corning by 11.2% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock valued at $3,601,000 after buying an additional 10,980 shares in the last quarter. Kingsview Wealth Management LLC lifted its stake in Corning by 5.2% during the 1st quarter. Kingsview Wealth Management LLC now owns 37,125 shares of the electronics maker’s stock worth $1,224,000 after acquiring an additional 1,830 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in Corning by 0.5% in 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 in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.6 %

NYSE GLW opened at $46.49 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock’s 50-day moving average is $45.74 and its 200-day moving average is $41.48. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The firm has a market cap of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last posted 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 firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GLW. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Susquehanna upped their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.