Peapack Gladstone Financial Corp Grows Stake in Corning Incorporated (NYSE:GLW)

Peapack Gladstone Financial Corp lifted its stake in Corning Incorporated (NYSE:GLW) by 0.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,821 shares of the electronics maker’s stock after purchasing an additional 350 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Corning were worth $2,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GLW. Synovus Financial Corp grew its holdings in shares of Corning by 65.4% during the third quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker’s stock valued at $908,000 after buying an additional 7,952 shares during the last quarter. Tidal Investments LLC boosted its stake in Corning by 15.9% during the 3rd quarter. Tidal Investments LLC now owns 41,535 shares of the electronics maker’s stock valued at $1,875,000 after purchasing an additional 5,713 shares during the last quarter. Destination Wealth Management bought a new stake in shares of Corning in the 3rd quarter worth $445,000. Wilmington Savings Fund Society FSB raised its stake in shares of Corning by 3.0% in the third quarter. Wilmington Savings Fund Society FSB now owns 365,612 shares of the electronics maker’s stock worth $16,507,000 after purchasing an additional 10,689 shares during the last quarter. Finally, Arvest Bank Trust Division bought a new position in shares of Corning during the third quarter valued at $2,432,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.9 %

Corning stock opened at $48.15 on Friday. Corning Incorporated has a 12-month low of $29.71 and a 12-month high of $51.03. The firm has a market capitalization of $41.23 billion, a price-to-earnings ratio of 283.24, a P/E/G ratio of 1.54 and a beta of 1.03. The firm has a 50 day moving average of $47.57 and a 200 day moving average of $43.36. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. As a group, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

Several research firms recently commented on GLW. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Barclays raised their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Bank of America boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were 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 $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate 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.