4,733 Shares in Corning Incorporated (NYSE:GLW) Acquired by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, HoldingsChannel.com reports. The firm bought 4,733 shares of the electronics maker’s stock, valued at approximately $214,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Grove Bank & Trust lifted its holdings in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares during the period. Burns J W & Co. Inc. NY lifted its stake in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after purchasing an additional 251 shares during the period. Long Run Wealth Advisors LLC boosted its holdings in shares of Corning by 0.8% in the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after buying an additional 274 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its position in Corning by 21.2% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after buying an additional 275 shares during the period. Finally, Legacy Capital Group California Inc. increased its holdings in Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after buying an additional 278 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 0.3 %

GLW opened at $46.66 on Friday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a 50-day simple moving average of $43.16 and a two-hundred day simple moving average of $39.32. The company has a market capitalization of $39.97 billion, a PE ratio of 65.72, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.40%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Argus lifted their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. UBS Group lifted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Finally, HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

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.