Wealthsource Partners LLC acquired a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 9,398 shares of the electronics maker’s stock, valued at approximately $281,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Parkside Financial Bank & Trust lifted its holdings in shares of Corning by 0.3% during the second quarter. Parkside Financial Bank & Trust now owns 11,731 shares of the electronics maker’s stock valued at $352,000 after purchasing an additional 33 shares during the last quarter. Wedbush Securities Inc. lifted its holdings in shares of Corning by 0.4% during the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock valued at $318,000 after purchasing an additional 41 shares during the last quarter. MAI Capital Management lifted its holdings in shares of Corning by 0.6% during the second quarter. MAI Capital Management now owns 17,032 shares of the electronics maker’s stock valued at $512,000 after purchasing an additional 95 shares during the last quarter. Global X Management Co. LLC lifted its holdings in shares of Corning by 1.6% during the second quarter. Global X Management Co. LLC now owns 7,110 shares of the electronics maker’s stock valued at $214,000 after purchasing an additional 113 shares during the last quarter. Finally, Capital Investment Counsel Inc lifted its holdings in shares of Corning by 0.3% during the second quarter. Capital Investment Counsel Inc now owns 54,220 shares of the electronics maker’s stock valued at $1,629,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.
Corning Incorporated (NYSE GLW) opened at $32.29 on Thursday. Corning Incorporated has a 1-year low of $24.12 and a 1-year high of $32.81. The firm has a market cap of $28,366.03, a P/E ratio of 18.76, a P/E/G ratio of 2.72 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the previous year, the firm posted $0.42 EPS. The firm’s revenue was up 4.0% on a year-over-year basis. analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 26.38%.
In other Corning news, Director Hansel E. Tookes II sold 6,513 shares of Corning stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 294,561 shares of company stock valued at $9,254,498. 0.59% of the stock is currently owned by insiders.
Several research firms have recently issued reports on GLW. Guggenheim reiterated a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Deutsche Bank lifted their target price on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Finally, Citigroup boosted their price objective on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.28.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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