Corning Incorporated $GLW Stock: Commonwealth Equity Services LLC Increases Stake

Commonwealth Equity Services LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 1.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 577,256 shares of the electronics maker’s stock after buying an additional 5,653 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.07% of Corning worth $88,759,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Western Pacific Wealth Management LP bought a new position in shares of Corning in the third quarter worth about $25,000. Kings Path Partners LLC bought a new stake in Corning during the 3rd quarter valued at approximately $25,000. Atwood & Palmer Inc. purchased a new position in Corning in the 2nd quarter worth approximately $26,000. Rogco LP purchased a new position in Corning in the 2nd quarter worth approximately $27,000. Finally, Toth Financial Advisory Corp boosted its stake in Corning by 130.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 98 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.

Corning Price Performance

Shares of Corning stock opened at $106.03 on Friday. The stock has a 50 day moving average of $144.47 and a 200 day moving average of $155.55. Corning Incorporated has a 12 month low of $77.39 and a 12 month high of $271.78. The firm has a market cap of $91.34 billion, a PE ratio of 42.93, a PEG ratio of 1.52 and a beta of 1.23. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the previous year, the company posted $0.67 EPS. The company’s revenue was up 18.9% compared to the same quarter last year. On average, research analysts expect that Corning Incorporated will post 3.38 EPS 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 paid a dividend of $0.28 per share. 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 1.1%. Corning’s dividend payout ratio is presently 45.34%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GLW. Oppenheimer cut their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. China Renaissance upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 target price for the company in a research report on Tuesday, September 8th. Finally, Bank of America cut their target price on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.