Bard Financial Services Inc. Buys New Holdings in Corning Incorporated (NYSE:GLW)

Bard Financial Services Inc. bought a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,125 shares of the electronics maker’s stock, valued at approximately $1,631,000.

A number of other large investors have also modified their holdings of GLW. City Holding Co. raised its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Accordant Advisory Group Inc acquired a new position in shares of Corning in the second quarter valued at $39,000. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning in the third quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Corning in the third quarter valued at $40,000. Finally, Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLW has been the topic of a number of analyst reports. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Wednesday, December 4th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Up 0.5 %

Shares of GLW opened at $48.62 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 $29.14 and a 12-month high of $51.03. The firm has a market capitalization of $41.63 billion, a PE ratio of 284.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.03. The stock’s fifty day simple moving average is $47.29 and its 200-day simple moving average is $43.08.

Corning (NYSE:GLW) last released 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 return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced 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 2.30%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Buying and Selling at Corning

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

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.