Wallace Advisory Group LLC Has $589,000 Stock Position in Corning Incorporated (NYSE:GLW)

Wallace Advisory Group LLC lowered its position in Corning Incorporated (NYSE:GLW) by 3.2% in the third quarter, Holdings Channel.com reports. The fund owned 13,040 shares of the electronics maker’s stock after selling 432 shares during the period. Wallace Advisory Group LLC’s holdings in Corning were worth $589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of GLW. KBC Group NV increased its holdings in Corning by 15.6% in the 4th quarter. KBC Group NV now owns 91,340 shares of the electronics maker’s stock valued at $2,781,000 after buying an additional 12,307 shares during the period. Belpointe Asset Management LLC increased its stake in Corning by 26.4% in the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after acquiring an additional 1,740 shares during the period. Goldman Sachs Group Inc. raised its position in Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. First Trust Advisors LP lifted its stake in Corning by 11.4% during the fourth quarter. First Trust Advisors LP now owns 1,844,385 shares of the electronics maker’s stock worth $56,161,000 after purchasing an additional 188,768 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in Corning by 219.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 110,523 shares of the electronics maker’s stock valued at $3,365,000 after purchasing an additional 75,946 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 0.7 %

GLW stock traded up $0.29 during midday trading on Friday, reaching $44.88. The stock had a trading volume of 2,369,989 shares, compared to its average volume of 5,801,446. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The firm has a market cap of $38.45 billion, a price-to-earnings ratio of 63.21, a PEG ratio of 1.73 and a beta of 1.04. The business has a fifty day simple moving average of $41.81 and a two-hundred day simple moving average of $38.36.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the company earned $0.45 EPS. Corning’s revenue was up 3.5% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal 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 paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Monday, June 17th. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, July 31st. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average target price of $47.00.

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.