Raymond James Financial Services Advisors Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 6.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 183,622 shares of the electronics maker’s stock after purchasing an additional 11,848 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Corning were worth $5,494,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of GLW. GLG Partners LP purchased a new position in shares of Corning during the second quarter valued at about $102,000. MPS Loria Financial Planners LLC purchased a new position in shares of Corning during the second quarter valued at about $112,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Corning by 241.6% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after purchasing an additional 2,650 shares in the last quarter. Central Bank & Trust Co. grew its position in shares of Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after purchasing an additional 345 shares in the last quarter. Finally, Harfst & Associates Inc. grew its position in shares of Corning by 44.7% during the second quarter. Harfst & Associates Inc. now owns 4,791 shares of the electronics maker’s stock valued at $143,000 after purchasing an additional 1,481 shares in the last quarter. Hedge funds and other institutional investors own 72.78% of the company’s stock.
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Shares of Corning Incorporated (GLW) opened at $31.73 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69. Corning Incorporated has a 12 month low of $23.48 and a 12 month high of $32.33. The firm has a market cap of $27,488.29, a P/E ratio of 18.18, a PEG ratio of 2.63 and a beta of 1.33.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. sell-side analysts expect that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.95%. The ex-dividend date is Wednesday, November 15th. Corning’s payout ratio is 26.38%.
In related news, CEO Wendell P. Weeks sold 248,857 shares of Corning stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the transaction, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares in the company, valued at $2,055,272.67. The disclosure for this sale can be found here. Over the last three months, insiders have sold 422,449 shares of company stock worth $12,907,983. 0.59% of the stock is currently owned by corporate insiders.
A number of brokerages recently commented on GLW. Drexel Hamilton reaffirmed a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, July 26th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, October 24th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Deutsche Bank AG increased their price target on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, Citigroup Inc. increased their price target on shares of Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Corning currently has a consensus rating of “Hold” and an average price target of $29.28.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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