32,458 Shares in Corning Incorporated $GLW Purchased by JCIC Asset Management Inc.

JCIC Asset Management Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, HoldingsChannel reports. The institutional investor acquired 32,458 shares of the electronics maker’s stock, valued at approximately $4,991,000. Corning comprises 2.0% of JCIC Asset Management Inc.’s portfolio, making the stock its 16th largest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Corning by 29.2% in the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after purchasing an additional 4,231,507 shares during the period. Wellington Management Group LLP boosted its position in shares of Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after purchasing an additional 4,446,514 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Corning in the second quarter worth approximately $1,510,911,000. Finally, Legal & General Group Plc purchased a new stake in shares of Corning in the second quarter worth $1,212,283,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GLW. Bank of America decreased their price objective on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Morgan Stanley dropped their target price on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating for the company in a report on Wednesday, October 28th. Mizuho dropped their target price on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Finally, Zacks Research raised Corning from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $175.81.

Corning Stock Performance

GLW opened at $118.73 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. The stock has a market capitalization of $102.27 billion, a price-to-earnings ratio of 48.07, a PEG ratio of 1.55 and a beta of 1.23. The company has a fifty day moving average of $146.40 and a 200 day moving average of $155.44. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.67 EPS. As a group, sell-side analysts forecast that Corning Incorporated will post 3.37 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s payout ratio is 45.34%.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.