Corning Incorporated $GLW Stock Bought by Fulcrum Asset Management LLP

Fulcrum Asset Management LLP increased its position in shares of Corning Incorporated (NYSE:GLW) by 414.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 33,722 shares of the electronics maker’s stock after acquiring an additional 27,161 shares during the quarter. Fulcrum Asset Management LLP’s holdings in Corning were worth $5,352,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Atwood & Palmer Inc. purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $26,000. Rogco LP acquired a new stake in shares of Corning during the 2nd quarter worth approximately $27,000. Western Pacific Wealth Management LP acquired a new stake in shares of Corning during the 3rd quarter worth approximately $25,000. Kings Path Partners LLC purchased a new stake in shares of Corning during the 3rd quarter valued at approximately $25,000. Finally, Toth Financial Advisory Corp raised its position in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.25% of the company’s stock.

Corning Stock Up 9.4%

GLW stock opened at $116.08 on Tuesday. The company’s 50 day moving average price is $143.82 and its 200 day moving average price is $155.67. The firm has a market capitalization of $99.99 billion, a price-to-earnings ratio of 38.19, a PEG ratio of 1.46 and a beta of 1.23. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. On average, equities research analysts anticipate that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is presently 45.34%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a research note on Tuesday, September 8th. Oppenheimer cut their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Morgan Stanley reduced their price objective on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 28th. Citigroup reaffirmed a “buy” rating on shares of Corning in a research report on Tuesday, October 27th. Finally, Zacks Research raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $174.56.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.