Hudson Value Partners LLC Acquires 5,699 Shares of Corning Incorporated (NYSE:GLW)

Hudson Value Partners LLC increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 5.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,552 shares of the electronics maker’s stock after purchasing an additional 5,699 shares during the quarter. Corning accounts for 2.0% of Hudson Value Partners LLC’s portfolio, making the stock its 18th biggest holding. Hudson Value Partners LLC’s holdings in Corning were worth $5,082,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. MBB Public Markets I LLC lifted its stake in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares during the period. Dark Forest Capital Management LP bought a new position in shares of Corning during the 2nd quarter valued at $511,000. National Pension Service boosted its position in Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares during the last quarter. Finally, Empowered Funds LLC grew its position in shares of Corning by 35.4% during the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after acquiring an additional 5,081 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of GLW stock opened at $48.23 on Friday. The stock has a 50 day moving average price of $44.83 and a 200 day moving average price of $40.75. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market capitalization of $41.29 billion, a P/E ratio of 283.68, a P/E/G ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last released its 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. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

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.