SteelPeak Wealth LLC Has $338,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

SteelPeak Wealth LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,481 shares of the electronics maker’s stock after buying an additional 239 shares during the period. SteelPeak Wealth LLC’s holdings in Corning were worth $338,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Corning by 2.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after purchasing an additional 42,832 shares during the period. Natixis increased its holdings in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after purchasing an additional 42,818 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE:GLW opened at $47.59 on Friday. The firm has a market cap of $40.72 billion, a PE ratio of 279.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.04. The firm’s fifty day moving average is $44.40 and its 200-day moving average is $40.22. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66. Corning Incorporated has a 52 week low of $26.41 and a 52 week high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. Sell-side analysts predict that Corning Incorporated will post 1.93 earnings per share for the current year.

Corning Dividend Announcement

The business 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 $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Analyst Ratings Changes

GLW has been the topic of a number of recent analyst reports. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted 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. Finally, Argus lifted their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.