Alliance Wealth Advisors LLC Takes $337,000 Position in Corning Incorporated (NYSE:GLW)

Alliance Wealth Advisors LLC bought a new position in Corning Incorporated (NYSE:GLW) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 7,467 shares of the electronics maker’s stock, valued at approximately $337,000.

Several other hedge funds have also added to or reduced their stakes in the business. Fisher Asset Management LLC lifted its stake in shares of Corning by 60.5% in the 4th quarter. Fisher Asset Management LLC now owns 16,647 shares of the electronics maker’s stock valued at $507,000 after acquiring an additional 6,276 shares during the last quarter. SageView Advisory Group LLC purchased a new stake in shares of Corning during the fourth quarter valued at approximately $348,000. HighPoint Advisor Group LLC bought a new position in shares of Corning in the fourth quarter worth approximately $614,000. Nomura Holdings Inc. purchased a new position in shares of Corning in the fourth quarter worth $472,000. Finally, Moody National Bank Trust Division bought a new stake in Corning during the 1st quarter valued at $207,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 0.5 %

Shares of Corning stock opened at $46.01 on Thursday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $47.45. The firm has a market cap of $39.41 billion, a price-to-earnings ratio of 64.80, a PEG ratio of 1.75 and a beta of 1.04. The company has a 50-day moving average of $42.83 and a 200 day moving average of $39.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.43%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 157.75%.

Analyst Ratings Changes

A number of brokerages have issued reports on GLW. UBS Group raised their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Barclays raised their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

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.