RPg Family Wealth Advisory LLC Invests $40,000 in Corning Incorporated (NYSE:GLW)

RPg Family Wealth Advisory LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 883 shares of the electronics maker’s stock, valued at approximately $40,000.

Other hedge funds have also recently added to or reduced their stakes in the company. City Holding Co. increased 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 valued at $32,000 after purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC bought a new position in Corning in the 3rd quarter valued at about $39,000. Global Trust Asset Management LLC increased its stake in Corning by 2,250.0% during the 3rd 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 period. Venturi Wealth Management LLC lifted its stake in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 473 shares during the period. Finally, Accordant Advisory Group Inc acquired a new stake in shares of Corning in the 2nd quarter worth approximately $39,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Up 0.5 %

Shares of GLW stock opened at $48.22 on Thursday. The firm has a market capitalization of $41.29 billion, a P/E ratio of 283.65, a price-to-earnings-growth ratio of 1.53 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’s fifty day simple moving average is $46.62 and its 200 day simple moving average is $42.32. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s dividend payout ratio is currently 658.82%.

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.