Rothschild Investment Corp IL increased its position in shares of Corning Incorporated (NYSE:GLW) by 7.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 75,854 shares of the electronics maker’s stock after buying an additional 5,270 shares during the quarter. Rothschild Investment Corp IL’s holdings in Corning were worth $2,163,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Verity & Verity LLC raised its position in Corning by 477.3% in the third quarter. Verity & Verity LLC now owns 63,916 shares of the electronics maker’s stock valued at $1,778,000 after purchasing an additional 52,845 shares during the period. Clarus Wealth Advisors raised its position in Corning by 1,155.6% in the third quarter. Clarus Wealth Advisors now owns 8,915 shares of the electronics maker’s stock valued at $254,000 after purchasing an additional 8,205 shares during the period. Buffington Mohr McNeal raised its position in Corning by 17.3% in the third quarter. Buffington Mohr McNeal now owns 27,472 shares of the electronics maker’s stock valued at $784,000 after purchasing an additional 4,052 shares during the period. Bridge Creek Capital Management LLC raised its position in Corning by 4.9% in the third quarter. Bridge Creek Capital Management LLC now owns 105,117 shares of the electronics maker’s stock valued at $2,998,000 after purchasing an additional 4,925 shares during the period. Finally, Pacer Advisors Inc. raised its position in Corning by 10.8% in the third quarter. Pacer Advisors Inc. now owns 83,798 shares of the electronics maker’s stock valued at $2,390,000 after purchasing an additional 8,183 shares during the period. 71.13% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:GLW traded up $0.84 during trading on Friday, hitting $29.04. The company’s stock had a trading volume of 583,437 shares, compared to its average volume of 6,259,866. The business has a 50 day moving average price of $28.11 and a two-hundred day moving average price of $30.95. The company has a market capitalization of $21.29 billion, a PE ratio of 16.33, a P/E/G ratio of 1.76 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. Corning Incorporated has a fifty-two week low of $26.75 and a fifty-two week high of $35.34.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The firm had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The company’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.75%. Corning’s payout ratio is currently 44.94%.
A number of analysts have issued reports on the company. JPMorgan Chase & Co. set a $30.00 target price on Corning and gave the company a “hold” rating in a research report on Tuesday, September 17th. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research report on Monday, August 26th. S&P Equity Research lowered Corning from a “positive” rating to a “neutral” rating and cut their target price for the company from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Barclays set a $33.00 target price on Corning and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, Morgan Stanley cut their target price on Corning from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Corning has an average rating of “Buy” and an average target price of $33.67.
In related news, insider Clark S. Kinlin sold 9,667 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the transaction, the insider now owns 70,648 shares in the company, valued at $1,973,905.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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