Cassady Schiller Wealth Management LLC Makes New Investment in Corning Incorporated (NYSE:GLW)

Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 870 shares of the electronics maker’s stock, valued at approximately $39,000.

A number of other large investors also recently bought and sold shares of GLW. MBB Public Markets I LLC lifted its holdings in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in Corning in the second quarter valued at approximately $511,000. National Pension Service lifted its stake in Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in shares of Corning during the third quarter worth $5,705,000. Finally, Jackson Square Capital LLC acquired a new stake in shares of Corning in the third quarter valued at $990,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 0.6 %

Shares of NYSE GLW opened at $46.49 on Friday. The business has a 50-day moving average of $45.74 and a two-hundred day moving average of $41.53. The company has a market capitalization of $39.81 billion, a price-to-earnings ratio of 273.47, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.41%. Corning’s dividend payout ratio is currently 658.82%.

Analysts Set New Price Targets

A number of equities analysts recently commented on GLW shares. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.