Lake Street Advisors Group LLC Grows Position in Corning Incorporated (NYSE:GLW)

Lake Street Advisors Group LLC increased its position in Corning Incorporated (NYSE:GLW) by 4.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,444 shares of the electronics maker’s stock after buying an additional 232 shares during the period. Lake Street Advisors Group LLC’s holdings in Corning were worth $246,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Access Investment Management LLC purchased a new stake in Corning in the 1st quarter worth about $28,000. City Holding Co. raised 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 purchasing an additional 600 shares in the last quarter. ESL Trust Services LLC purchased a new stake in Corning during the first quarter valued at approximately $33,000. Accordant Advisory Group Inc purchased a new stake in shares of Corning during the 2nd quarter valued at $39,000. Finally, Global Trust Asset Management LLC raised its stake in Corning by 2,250.0% in the third 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 during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on GLW. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. lifted 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. Oppenheimer upped their price target on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Argus boosted their price target on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning Trading Down 1.2 %

NYSE:GLW opened at $46.25 on Monday. Corning Incorporated has a 12-month low of $26.37 and a 12-month high of $47.72. The firm has a market cap of $39.62 billion, a PE ratio of 65.14, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $43.86 and a 200 day moving average price of $39.83.

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

Corning Announces Dividend

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 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 dividend yield of 2.42%. Corning’s dividend payout ratio is presently 157.75%.

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.