Mizuho Securities Co. Ltd. Makes New Investment in Corning Incorporated (NYSE:GLW)

Mizuho Securities Co. Ltd. acquired a new position in Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,600 shares of the electronics maker’s stock, valued at approximately $388,000. Corning makes up about 1.0% of Mizuho Securities Co. Ltd.’s investment portfolio, making the stock its 27th largest holding.

Several other large investors have also made changes to their positions in the business. Main Street Financial Solutions LLC raised its stake in shares of Corning by 6.6% during the 3rd quarter. Main Street Financial Solutions LLC now owns 8,955 shares of the electronics maker’s stock worth $404,000 after buying an additional 555 shares during the period. Aptus Capital Advisors LLC raised its stake in Corning by 16.9% in the 3rd quarter. Aptus Capital Advisors LLC now owns 7,696 shares of the electronics maker’s stock valued at $347,000 after purchasing an additional 1,115 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Corning by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after purchasing an additional 10,311 shares during the last quarter. GSA Capital Partners LLP raised its stake in Corning by 2.6% in the 3rd quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock valued at $482,000 after purchasing an additional 274 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its stake in Corning by 3.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 43,368 shares of the electronics maker’s stock valued at $1,958,000 after purchasing an additional 1,415 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 0.2 %

GLW stock traded down $0.12 during mid-day trading on Wednesday, reaching $48.20. The company had a trading volume of 1,149,137 shares, compared to its average volume of 5,679,239. 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 company has a market capitalization of $41.27 billion, a price-to-earnings ratio of 285.00, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm has a fifty day simple moving average of $45.39 and a 200 day simple moving average of $41.29. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03.

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

Corning Announces Dividend

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 given 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 (DPR) is presently 658.82%.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Barclays increased their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.