Aspen Investment Management Inc purchased a new position in Corning Incorporated (NYSE:GLW) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,097 shares of the electronics maker’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC grew its holdings in shares of Corning by 24.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,044,997 shares of the electronics maker’s stock worth $91,106,000 after acquiring an additional 606,637 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Corning by 13.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 473,326 shares of the electronics maker’s stock worth $14,162,000 after acquiring an additional 57,239 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Corning by 11.6% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 134,654 shares of the electronics maker’s stock worth $4,037,000 after acquiring an additional 13,963 shares during the period. Cubist Systematic Strategies LLC lifted its stake in Corning by 206.3% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 46,393 shares of the electronics maker’s stock valued at $1,388,000 after buying an additional 31,249 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. lifted its stake in Corning by 821.0% in the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 157,910 shares of the electronics maker’s stock valued at $4,724,000 after buying an additional 140,764 shares in the last quarter. Institutional investors and hedge funds own 72.43% of the company’s stock.

Shares of Corning Incorporated (GLW) traded up $0.22 during trading on Tuesday, hitting $32.57. The company’s stock had a trading volume of 4,752,700 shares, compared to its average volume of 6,157,677. Corning Incorporated has a one year low of $24.12 and a one year high of $32.78. The stock has a market cap of $28,114.01, a price-to-earnings ratio of 18.59, a PEG ratio of 2.69 and a beta of 1.33. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the company posted $0.42 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. analysts forecast that Corning Incorporated will post 1.7 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.

A number of research firms recently issued reports on GLW. Zacks Investment Research raised Corning from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 26th. Citigroup upped their target price on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, October 25th. Deutsche Bank upped their target price on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research note on Wednesday, October 25th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $35.00 target price on shares of Corning in a research note on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $29.28.

In other Corning news, Director Hansel E. Tookes II sold 6,513 shares of the stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total transaction of $205,810.80. Following the transaction, the director now owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total value of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 294,561 shares of company stock worth $9,254,498. Corporate insiders own 0.59% of the company’s stock.

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About Corning

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).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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