38,978 Shares in Corning Incorporated (GLW) Purchased by Steward Partners Investment Advisory LLC
Steward Partners Investment Advisory LLC purchased a new position in Corning Incorporated (NYSE:GLW) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 38,978 shares of the electronics maker’s stock, valued at approximately $1,166,000.
Several other large investors also recently modified their holdings of GLW. GLG Partners LP bought a new position in shares of Corning in the 2nd quarter worth $102,000. MPS Loria Financial Planners LLC bought a new position in shares of Corning during the 2nd quarter valued at $112,000. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares during the last quarter. Harfst & Associates Inc. grew its holdings in shares of Corning by 44.7% during the 2nd quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 1,481 shares during the last quarter. Finally, Grove Bank & Trust grew its holdings in shares of Corning by 31.7% during the 2nd quarter. Grove Bank & Trust now owns 5,255 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 1,265 shares during the last quarter. 72.43% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on GLW. Guggenheim reaffirmed a “buy” rating and set a $35.00 target price on shares of Corning in a report on Tuesday. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a report on Wednesday, October 25th. BidaskClub lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. Zacks Investment Research raised shares of Corning from a “strong sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $29.50 target price on shares of Corning in a report on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $29.28.
In other Corning news, insider Mark S. Rogus sold 9,242 shares of the firm’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $32.12, for a total value of $296,853.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Eric S. Musser sold 29,949 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total transaction of $945,190.44. Following the completion of the sale, the vice president now directly owns 49,471 shares in the company, valued at approximately $1,561,304.76. The disclosure for this sale can be found here. In the last three months, insiders sold 294,561 shares of company stock worth $9,254,498. Insiders own 0.59% of the company’s stock.
Shares of Corning Incorporated (GLW) opened at $32.05 on Friday. The stock has a market cap of $27,644.72, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 2.65 and a beta of 1.33. Corning Incorporated has a twelve month low of $24.12 and a twelve month high of $32.81. 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 announced its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. equities analysts expect that Corning Incorporated will post 1.7 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 16th were issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 26.38%.
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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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