Capital Counsel LLC NY Takes $226,000 Position in Corning Incorporated (NYSE:GLW)

Capital Counsel LLC NY acquired a new position in Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,000 shares of the electronics maker’s stock, valued at approximately $226,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. West Oak Capital LLC boosted its position in Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the period. Lake Street Advisors Group LLC increased its holdings in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares during the period. SteelPeak Wealth LLC lifted its position in Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the last quarter. Grove Bank & Trust boosted its stake in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. increased its stake in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.5 %

Shares of NYSE:GLW opened at $48.00 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The firm has a fifty day moving average of $46.53 and a two-hundred day moving average of $42.28. The firm has a market capitalization of $41.10 billion, a P/E ratio of 282.35, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share 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 company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several analysts have weighed in on GLW shares. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Susquehanna upped their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.08.

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.