Kessler Investment Group LLC purchased a new stake in Corning Incorporated (NYSE:GLW – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 22,646 shares of the electronics maker’s stock, valued at approximately $1,022,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. West Oak Capital LLC lifted its holdings in shares of Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares in the last quarter. Grove Bank & Trust lifted its stake in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares in the last quarter. Brown Lisle Cummings Inc. boosted its holdings in Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares during the last quarter. Burns J W & Co. Inc. NY grew its stake in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after acquiring an additional 251 shares in the last quarter. Finally, Long Run Wealth Advisors LLC raised its holdings in shares of Corning by 0.8% in the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.
Corning Stock Performance
Corning stock traded down $0.42 during midday trading on Tuesday, reaching $46.61. The stock had a trading volume of 392,104 shares, compared to its average volume of 5,701,685. The firm has a market capitalization of $39.93 billion, a PE ratio of 66.24, a P/E/G ratio of 1.74 and a beta of 1.04. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $47.45. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm’s 50-day moving average price is $43.31 and its 200 day moving average price is $39.47.
Corning Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 157.75%.
Analysts Set New Price Targets
GLW has been the topic of several analyst reports. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays increased their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Argus boosted their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Finally, Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $47.23.
View Our Latest Research Report on Corning
About Corning
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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