Macquarie Group Ltd. increased its stake in shares of Corning Incorporated (NYSE:GLW) by 31.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,900 shares of the electronics maker’s stock after purchasing an additional 9,400 shares during the quarter. Macquarie Group Ltd.’s holdings in Corning were worth $1,164,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GLG Partners LP purchased a new stake in shares of Corning during the 2nd quarter worth $102,000. MPS Loria Financial Planners LLC purchased a new stake in Corning in the second quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. raised its stake in Corning by 241.6% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the last quarter. Harfst & Associates Inc. raised its stake in Corning by 44.7% in the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after buying an additional 1,481 shares during the last quarter. Finally, Grove Bank & Trust raised its stake in Corning by 31.7% in the second quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after buying an additional 1,265 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

Shares of Corning Incorporated (NYSE GLW) opened at $32.35 on Friday. The company has a market capitalization of $27,575.19, a PE ratio of 18.24, a P/E/G ratio of 2.64 and a beta of 1.33. Corning Incorporated has a 1-year low of $24.12 and a 1-year high of $32.78. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the company earned $0.42 earnings per share. analysts predict that Corning Incorporated will post 1.7 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.92%. The ex-dividend date is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is 26.38%.

In other Corning news, insider Mark S. Rogus sold 9,242 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total value of $296,853.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the sale, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 294,561 shares of company stock worth $9,254,498. 0.59% of the stock is owned by corporate insiders.

A number of equities research analysts have commented on GLW shares. BidaskClub upgraded Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim reiterated a “buy” rating and issued a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Susquehanna Bancshares reiterated a “positive” rating and issued a $35.00 price target on shares of Corning in a research note on Thursday, August 24th. Finally, Citigroup raised their price objective on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $29.28.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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