StoneX Group Inc. Increases Position in Corning Incorporated (NYSE:GLW)

StoneX Group Inc. lifted its position in shares of Corning Incorporated (NYSE:GLW) by 7.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 36,655 shares of the electronics maker’s stock after purchasing an additional 2,664 shares during the period. StoneX Group Inc.’s holdings in Corning were worth $1,655,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cerity Partners LLC boosted its position in shares of Corning by 4.6% during the 3rd quarter. Cerity Partners LLC now owns 513,818 shares of the electronics maker’s stock worth $23,199,000 after acquiring an additional 22,811 shares in the last quarter. Great Valley Advisor Group Inc. lifted its stake in Corning by 101.5% during the third quarter. Great Valley Advisor Group Inc. now owns 11,581 shares of the electronics maker’s stock worth $523,000 after purchasing an additional 5,835 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in Corning by 2.0% in the third quarter. Raymond James Trust N.A. now owns 34,803 shares of the electronics maker’s stock valued at $1,571,000 after purchasing an additional 697 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Corning by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after purchasing an additional 38,168 shares during the last quarter. Finally, Smithfield Trust Co raised its holdings in Corning by 20.4% during the third quarter. Smithfield Trust Co now owns 7,002 shares of the electronics maker’s stock worth $317,000 after purchasing an additional 1,185 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $48.52 on Monday. The stock has a fifty day moving average price of $46.33 and a 200 day moving average price of $42.08. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market cap of $41.54 billion, a PE ratio of 285.41, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate 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. Sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current 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 paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction 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 completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GLW shares. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. upped their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.