RFG Holdings Inc. Buys 6,798 Shares of Corning Incorporated $GLW

RFG Holdings Inc. increased its stake in Corning Incorporated (NYSE:GLW) by 428.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,383 shares of the electronics maker’s stock after purchasing an additional 6,798 shares during the quarter. RFG Holdings Inc.’s holdings in Corning were worth $1,289,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of GLW. Atwood & Palmer Inc. purchased a new stake in Corning in the second quarter worth about $26,000. Rogco LP purchased a new position in shares of Corning during the 2nd quarter valued at about $27,000. Western Pacific Wealth Management LP purchased a new position in shares of Corning during the 3rd quarter valued at about $25,000. Kings Path Partners LLC purchased a new position in shares of Corning during the 3rd quarter valued at about $25,000. Finally, Toth Financial Advisory Corp grew its stake in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 98 shares during the period. 69.80% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is owned by insiders.

Corning Price Performance

Shares of Corning stock opened at $126.05 on Wednesday. The company has a market capitalization of $108.58 billion, a price-to-earnings ratio of 51.03, a PEG ratio of 1.52 and a beta of 1.23. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The stock’s 50-day simple moving average is $146.97 and its 200-day simple moving average is $155.31. Corning Incorporated has a 52 week low of $77.39 and a 52 week high of $271.78.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter last year, the business posted $0.67 earnings per share. The firm’s revenue was up 18.9% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 3.37 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. Corning’s payout ratio is currently 45.34%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. Morgan Stanley reduced their target price on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating for the company in a report on Wednesday, October 28th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Citigroup reiterated a “buy” rating on shares of Corning in a research report on Tuesday, October 27th. China Renaissance upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 price target for the company in a research report on Tuesday, September 8th. Finally, Zacks Research raised shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $175.81.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.