Claro Advisors LLC Purchases 6,654 Shares of Corning Incorporated (NYSE:GLW)

Claro Advisors LLC boosted its position in Corning Incorporated (NYSE:GLW) by 114.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,469 shares of the electronics maker’s stock after acquiring an additional 6,654 shares during the period. Claro Advisors LLC’s holdings in Corning were worth $563,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Fisher Asset Management LLC raised its holdings in Corning by 60.5% during the fourth quarter. Fisher Asset Management LLC now owns 16,647 shares of the electronics maker’s stock worth $507,000 after buying an additional 6,276 shares during the last quarter. Nomura Holdings Inc. bought a new position in Corning in the 4th quarter valued at about $472,000. Mather Group LLC. acquired a new position in Corning during the 1st quarter valued at about $86,000. Banque Cantonale Vaudoise increased its holdings in Corning by 176.2% during the 1st quarter. Banque Cantonale Vaudoise now owns 46,407 shares of the electronics maker’s stock worth $1,530,000 after purchasing an additional 29,608 shares in the last quarter. Finally, Park Avenue Securities LLC purchased a new stake in shares of Corning in the first quarter worth approximately $252,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 0.3 %

Shares of GLW opened at $46.66 on Friday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $47.45. The business has a 50-day moving average of $43.16 and a 200 day moving average of $39.32. The firm has a market cap of $39.97 billion, a P/E ratio of 65.72, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 1.91 EPS for the current 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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GLW shares. Argus upped their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Finally, Oppenheimer lifted their target price on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average 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.