Arrow Investment Advisors LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 12,929 shares of the electronics maker’s stock, valued at approximately $456,000.
Other large investors also recently made changes to their positions in the company. Moody Aldrich Partners LLC bought a new position in shares of Corning during the 2nd quarter valued at approximately $51,526,000. Bank of Montreal Can bought a new position in shares of Corning during the 2nd quarter valued at approximately $30,286,000. Benedict Financial Advisors Inc. grew its stake in shares of Corning by 21.1% during the 2nd quarter. Benedict Financial Advisors Inc. now owns 26,404 shares of the electronics maker’s stock valued at $726,000 after acquiring an additional 4,595 shares during the period. GHP Investment Advisors Inc. grew its stake in shares of Corning by 2.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after acquiring an additional 1,550 shares during the period. Finally, Voya Investment Management LLC grew its stake in shares of Corning by 32.2% during the 2nd quarter. Voya Investment Management LLC now owns 439,724 shares of the electronics maker’s stock valued at $12,097,000 after acquiring an additional 107,040 shares during the period. Institutional investors own 70.31% of the company’s stock.
Several research analysts have weighed in on the company. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, October 22nd. Citigroup dropped their price target on Corning from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. UBS Group upped their price target on Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, July 26th. TheStreet upgraded Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Finally, Guggenheim restated a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $35.89.
In other news, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $33.66, for a total transaction of $33,660.00. Following the sale, the vice president now directly owns 60,403 shares of the company’s stock, valued at approximately $2,033,164.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Christine M. Pambianchi sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $33.42, for a total value of $334,200.00. Following the sale, the vice president now directly owns 50,403 shares in the company, valued at $1,684,468.26. The disclosure for this sale can be found here. Insiders have sold a total of 59,892 shares of company stock worth $2,087,018 over the last ninety days. Insiders own 0.46% of the company’s stock.
GLW stock opened at $32.91 on Friday. Corning Incorporated has a 1-year low of $26.11 and a 1-year high of $36.56. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $25.00 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 2.01 and a beta of 1.35.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.03. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 EPS. On average, sell-side analysts expect that Corning Incorporated will post 1.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.19%. Corning’s dividend payout ratio (DPR) is 41.86%.
Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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