Benjamin Edwards Inc. purchased a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 39,954 shares of the electronics maker's stock, valued at approximately $1,804,000.
Other institutional investors have also bought and sold shares of the company. MBB Public Markets I LLC boosted its stake 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 valued at $2,524,000 after purchasing an additional 57,800 shares in the last quarter. FMR LLC lifted its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in Corning in the second quarter valued at about $511,000. Transamerica Financial Advisors Inc. grew its stake in Corning by 529.6% during the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker's stock worth $747,000 after buying an additional 13,907 shares during the last quarter. Finally, National Pension Service increased its holdings in shares of 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 buying an additional 152,922 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.
Several research analysts have recently commented on GLW shares. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Barclays increased their target price on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. Mizuho raised Corning from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Finally, StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.08.
Read Our Latest Stock Report on Corning
In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.
GLW opened at $49.77 on Friday. The company has a fifty day moving average price of $47.13 and a two-hundred day moving average price of $42.85. The firm has a market capitalization of $42.61 billion, a PE ratio of 292.76, a P/E/G ratio of 1.57 and a beta of 1.03. Corning Incorporated has a 52 week low of $28.63 and a 52 week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.
Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $3.72 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.
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 issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio is currently 658.82%.
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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