Corning Incorporated (NYSE:GLW) Shares Acquired by Financial Avengers Inc.

Financial Avengers Inc. lifted its position in Corning Incorporated (NYSE:GLW) by 65.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,278 shares of the electronics maker’s stock after purchasing an additional 505 shares during the quarter. Financial Avengers Inc.’s holdings in Corning were worth $58,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GLW. M&G Plc acquired a new stake in shares of Corning in the 2nd quarter valued at about $1,484,000. Great Valley Advisor Group Inc. acquired a new stake in shares of Corning in the 2nd quarter valued at about $223,000. AdvisorNet Financial Inc boosted its position in shares of Corning by 42.8% in the 2nd quarter. AdvisorNet Financial Inc now owns 6,141 shares of the electronics maker’s stock valued at $239,000 after purchasing an additional 1,841 shares during the period. 180 Wealth Advisors LLC acquired a new stake in shares of Corning in the 2nd quarter valued at about $597,000. Finally, SteelPeak Wealth LLC acquired a new stake in shares of Corning in the 2nd quarter valued at about $281,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on GLW. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

NYSE GLW opened at $48.37 on Wednesday. Corning Incorporated has a 1-year low of $29.14 and a 1-year high of $51.03. The company has a market capitalization of $41.41 billion, a P/E ratio of 284.53, a PEG ratio of 1.58 and a beta of 1.03. The business has a 50 day moving average price of $47.29 and a 200 day moving average price of $43.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.45 EPS. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed 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. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Insider Activity at Corning

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 transaction of $241,950.00. Following the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were 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. 0.45% of the stock is currently owned by company insiders.

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.