Corning Incorporated (NYSE:GLW) Stake Increased by Financial Advocates Investment Management

Financial Advocates Investment Management increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,753 shares of the electronics maker’s stock after buying an additional 363 shares during the quarter. Financial Advocates Investment Management’s holdings in Corning were worth $440,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of GLW. SteelPeak Wealth LLC boosted its position in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after acquiring an additional 239 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in shares of Corning by 23.8% during the third quarter. First Trust Direct Indexing L.P. now owns 15,651 shares of the electronics maker’s stock worth $707,000 after purchasing an additional 3,010 shares during the period. Capstone Triton Financial Group LLC purchased a new position in Corning during the third quarter valued at approximately $300,000. New York State Teachers Retirement System increased its stake in Corning by 0.9% in the 3rd quarter. New York State Teachers Retirement System now owns 631,685 shares of the electronics maker’s stock valued at $28,521,000 after buying an additional 5,633 shares during the period. Finally, Pathway Financial Advisers LLC lifted its position in Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after buying an additional 1,026,626 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Citigroup boosted their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Up 1.6 %

Corning stock opened at $48.36 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98. Corning Incorporated has a fifty-two week low of $26.71 and a fifty-two week high of $51.03. The firm has a fifty day moving average price of $44.52 and a two-hundred day moving average price of $40.40. The firm has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data 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 business 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 firm earned $0.45 EPS. As a group, analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s payout ratio 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.