Caprock Group LLC Raises Stock Position in Corning Incorporated (NYSE:GLW)

Caprock Group LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 2.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 27,928 shares of the electronics maker’s stock after buying an additional 682 shares during the period. Caprock Group LLC’s holdings in Corning were worth $1,261,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of GLW. City Holding Co. increased its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Accordant Advisory Group Inc purchased a new stake in Corning in the 2nd quarter worth $39,000. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning during the third quarter valued at about $39,000. Global Trust Asset Management LLC grew its position in shares of Corning by 2,250.0% during the third 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 in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the third quarter valued at about $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.1 %

Shares of NYSE GLW opened at $47.35 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market cap of $40.54 billion, a P/E ratio of 278.53, a PEG ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The firm has a 50-day simple moving average of $46.08 and a two-hundred day simple moving average of $41.81.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 earnings per share. Research analysts anticipate that Corning Incorporated will post 1.95 earnings per share 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 paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GLW. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Company 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.