Quest Partners LLC Purchases New Position in Corning Incorporated (NYSE:GLW)

Quest Partners LLC purchased a new stake in Corning Incorporated (NYSE:GLW) during the 3rd quarter, HoldingsChannel reports. The fund purchased 2,350 shares of the electronics maker’s stock, valued at approximately $106,000.

Other institutional investors have also bought and sold shares of the company. City Holding Co. boosted its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the 3rd quarter valued at $39,000. Global Trust Asset Management LLC boosted its stake in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after buying an additional 473 shares in the last quarter. Finally, Accordant Advisory Group Inc acquired a new stake in Corning in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 0.9 %

NYSE GLW opened at $48.67 on Friday. The stock has a 50-day simple moving average of $46.78 and a 200 day simple moving average of $42.46. The company has a market capitalization of $41.67 billion, a PE ratio of 286.29, a P/E/G ratio of 1.54 and a beta of 1.03. 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 $28.02 and a 12 month high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 earnings per share. Research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business 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 $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s dividend payout ratio is presently 658.82%.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s 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 transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

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.