Corning Incorporated (NYSE:GLW) Shares Acquired by Financial Avengers Inc.

Financial Avengers Inc. lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 65.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,278 shares of the electronics maker’s stock after acquiring an additional 505 shares during the period. Financial Avengers Inc.’s holdings in Corning were worth $58,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. City Holding Co. boosted its holdings in shares of Corning by 545.5% during 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 during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning in the third quarter valued at $40,000. Global Trust Asset Management LLC boosted its holdings 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 acquiring an additional 900 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GLW shares. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. UBS Group lifted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Corning Stock Down 0.3 %

Shares of NYSE GLW opened at $48.37 on Wednesday. Corning Incorporated has a 1 year low of $29.14 and a 1 year high of $51.03. The firm has a market cap of $41.41 billion, a price-to-earnings ratio of 284.53, a PEG ratio of 1.58 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock’s 50-day simple moving average is $47.29 and its 200-day simple moving average is $43.08.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

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.