Conning Inc. Increases Stake in Corning Incorporated to Nearly $40 Million

Conning Inc. significantly increased its investment in Corning Incorporated (NYSE:GLW) by a staggering 14,556.8% during the third quarter, as reported in the company’s latest filing with the Securities and Exchange Commission. After acquiring an additional 875,008 shares, Conning Inc. now holds a total of 881,019 shares of the electronics manufacturer. Corning represents about 1.3% of Conning Inc.'s overall investment portfolio, ranking it as the firm's 18th largest holding. By the end of the quarter, Conning Inc.'s stake in Corning was valued at approximately $39,778,000.

Other Institutional Investments

Other hedge funds and institutional investors have also shown interest in Corning. For instance, City Holding Co. boosted its holdings in the company by 545.5% in the third quarter, now owning 710 shares valued at $32,000 after adding 600 shares. Additionally, Global Trust Asset Management LLC increased its position by 2,250.0%, bringing its total to 940 shares worth $42,000 after acquiring 900 shares. ESL Trust Services LLC and Accordant Advisory Group Inc. also made new purchases in Corning, showing a growing interest from institutional investors, who now collectively own 69.80% of the company's stock.

Analysts' Price Target Updates

Several brokerage firms have recently updated their price targets for Corning shares. Argus raised its target from $40.00 to $50.00, maintaining a 'buy' rating. UBS Group increased its target from $46.00 to $51.00, while Morgan Stanley kept an 'equal weight' rating with a $39.00 target. Barclays set a new objective at $53.00, and Deutsche Bank now has a target of $54.00. Overall, five analysts have given Corning a hold rating, while ten have issued a buy rating. The average consensus rating is a 'Moderate Buy' with a price target of about $50.08.

Corning Stock Performance

As of Friday, Corning stock opened at $48.36. The company's 50-day and 200-day simple moving averages stand at $44.52 and $40.40, respectively. Corning has seen a significant price range over the past year, with lows of $26.71 and highs of $51.03. The company's current market capitalization is approximately $41.38 billion, with a price-to-earnings ratio of 284.47. Corning's current financial ratios indicate a current ratio of 1.66, a quick ratio of 0.98, and a debt-to-equity ratio of 0.62.

Quarterly Earnings Announcement

Corning recently shared its quarterly earnings results on October 29th. The electronics manufacturer reported an earnings per share (EPS) of $0.54, exceeding analysts' expected EPS of $0.53 by $0.01. The firm reported a return on equity of 13.45% and a net margin of 1.24%, with quarterly revenues totaling $3.39 billion, though short of the expected $3.72 billion. In comparison to the same quarter last year, revenue grew by 6.9%.

Dividend Declaration

Corning has also announced a quarterly dividend, scheduled for payment on December 13th. Shareholders on record as of November 15th will receive a dividend of $0.28 per share. This translates to an annualized dividend of $1.12, representing a yield of 2.32%. Notably, Corning's payout ratio stands at an unusually high 658.82%.

About Corning Incorporated

Corning Incorporated operates in several sectors, including display technologies, optical communications, environmental technologies, specialty materials, and life sciences. The company's Display Technologies segment provides glass substrates for various display types, including those used in TVs, laptops, desktops, tablets, and mobile devices.

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