GSA Capital Partners LLP Boosts Position in Corning Incorporated (NYSE:GLW)

GSA Capital Partners LLP grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,665 shares of the electronics maker’s stock after buying an additional 274 shares during the period. GSA Capital Partners LLP’s holdings in Corning were worth $482,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. City Holding Co. boosted its holdings in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Accordant Advisory Group Inc purchased a new stake in Corning in the second quarter worth about $39,000. Global Trust Asset Management LLC raised its stake in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the period. Future Financial Wealth Managment LLC bought a new stake in Corning during the 3rd quarter valued at approximately $45,000. Finally, Venturi Wealth Management LLC raised its stake in Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GLW shares. Barclays lifted 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. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted 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. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

Shares of GLW stock opened at $47.30 on Wednesday. The company has a market capitalization of $40.50 billion, a P/E ratio of 278.24, a P/E/G ratio of 1.49 and a beta of 1.03. The business’s 50 day moving average is $45.97 and its two-hundred day moving average is $41.78. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 quarter in the prior year, the firm earned $0.45 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

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 issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. Corning’s dividend payout ratio is presently 658.82%.

About Corning

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.