Schneider Downs Wealth Management Advisors LP Purchases New Shares in Corning Incorporated (NYSE:GLW)

Schneider Downs Wealth Management Advisors LP acquired a new position in Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,138 shares of the electronics maker’s stock, valued at approximately $232,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MBB Public Markets I LLC increased its position in shares of Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Corning during the 2nd quarter valued at $511,000. National Pension Service raised its stake in shares of Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares during the period. CWA Asset Management Group LLC purchased a new position in shares of Corning in the 3rd quarter worth about $5,705,000. Finally, Jackson Square Capital LLC bought a new position in Corning during the third quarter valued at about $990,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Corning stock opened at $46.49 on Friday. The business has a 50-day simple moving average of $45.74 and a 200 day simple moving average of $41.53. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The stock has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a PEG ratio of 1.49 and a beta of 1.03. 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 (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the firm posted $0.45 earnings per share. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

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 $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio is presently 658.82%.

Analyst Ratings Changes

A number of research firms have weighed in on GLW. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Finally, Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning 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.