Kinsale Capital Group Inc. Raises Holdings in Corning Incorporated (NYSE:GLW)

Kinsale Capital Group Inc. lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 14.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 135,968 shares of the electronics maker’s stock after buying an additional 17,621 shares during the quarter. Corning makes up approximately 1.8% of Kinsale Capital Group Inc.’s portfolio, making the stock its 21st biggest position. Kinsale Capital Group Inc.’s holdings in Corning were worth $6,139,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Corning by 0.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock worth $87,452,000 after purchasing an additional 10,311 shares in the last quarter. Natixis increased its holdings in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE:GLW traded down $0.28 during midday trading on Friday, reaching $46.49. The stock had a trading volume of 3,655,835 shares, compared to its average volume of 5,084,251. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock 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. The firm has a fifty day simple moving average of $45.74 and a two-hundred day simple moving average of $41.48. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. On average, equities analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Susquehanna increased their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays increased their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning 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.