Prudent Man Advisors LLC Buys 8,441 Shares of Corning Incorporated (NYSE:GLW)

Prudent Man Advisors LLC grew its stake in Corning Incorporated (NYSE:GLW) by 42.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,334 shares of the electronics maker’s stock after purchasing an additional 8,441 shares during the period. Prudent Man Advisors LLC’s holdings in Corning were worth $1,279,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. West Oak Capital LLC increased 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 worth $2,328,000 after acquiring an additional 215 shares in the last quarter. Lake Street Advisors Group LLC grew its position in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the period. SteelPeak Wealth LLC increased its stake in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares in the last quarter. Grove Bank & Trust raised its holdings in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after buying an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its stake in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after buying an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 1.2 %

Shares of Corning stock opened at $46.49 on Monday. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $45.74 and its 200-day moving average is $41.59. The stock has a market cap of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 earnings per share. Equities research analysts predict that Corning Incorporated will post 1.95 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 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Profile

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.