Prospera Private Wealth LLC Purchases Shares of 1,100 Corning Incorporated (NYSE:GLW)

Prospera Private Wealth LLC purchased a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,100 shares of the electronics maker’s stock, valued at approximately $50,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLW. City Holding Co. lifted its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Accordant Advisory Group Inc bought a new position in Corning in the second quarter worth about $39,000. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the third quarter valued at approximately $39,000. Global Trust Asset Management LLC grew its stake in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GLW shares. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Finally, Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Up 1.3 %

NYSE GLW opened at $47.97 on Friday. The firm has a market cap of $41.07 billion, a PE ratio of 282.15, a P/E/G ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm’s fifty day moving average is $46.21 and its two-hundred day moving average is $41.86. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm posted $0.45 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.34%. Corning’s dividend payout ratio (DPR) is 658.82%.

Corning Company 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.