Cobblestone Capital Advisors LLC NY Boosts Position in Corning Incorporated (NYSE:GLW)

Cobblestone Capital Advisors LLC NY raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 152.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,474 shares of the electronics maker’s stock after buying an additional 8,142 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Corning were worth $608,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GLW. West Oak Capital LLC grew its stake 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 buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its stake in shares of Corning by 4.5% during the third 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 raised its stake in shares of Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust lifted its position in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. boosted its stake in shares of 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 purchasing an additional 250 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of NYSE GLW opened at $48.67 on Monday. 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 firm’s 50-day moving average price is $46.78 and its two-hundred day moving average price is $42.56. Corning Incorporated has a 52-week low of $28.02 and a 52-week high of $51.03. The stock has a market capitalization of $41.67 billion, a P/E ratio of 286.29, a P/E/G ratio of 1.56 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $0.45 EPS. The business’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.30%. Corning’s dividend payout ratio is presently 658.82%.

Wall Street Analyst Weigh In

A number of brokerages have commented on GLW. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Insider Buying and Selling at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

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.