CWA Asset Management Group LLC Makes New $5.71 Million Investment in Corning Incorporated (NYSE:GLW)

CWA Asset Management Group LLC purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 126,356 shares of the electronics maker’s stock, valued at approximately $5,705,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hollencrest Capital Management boosted its stake in shares of Corning by 143.5% during the 3rd quarter. Hollencrest Capital Management now owns 1,488 shares of the electronics maker’s stock worth $67,000 after acquiring an additional 877 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Corning during the third quarter worth $88,000. J.P. Marvel Investment Advisors LLC boosted its position in Corning by 1.2% during the third quarter. J.P. Marvel Investment Advisors LLC now owns 255,711 shares of the electronics maker’s stock worth $11,545,000 after purchasing an additional 2,970 shares in the last quarter. Hudson Value Partners LLC increased its position in shares of Corning by 5.3% in the third quarter. Hudson Value Partners LLC now owns 112,552 shares of the electronics maker’s stock valued at $5,082,000 after buying an additional 5,699 shares in the last quarter. Finally, Keynote Financial Services LLC purchased a new position in shares of Corning in the third quarter valued at $230,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 1.1 %

Shares of GLW opened at $48.74 on Friday. Corning Incorporated has a 12 month low of $26.94 and a 12 month high of $51.03. The stock’s 50-day moving average is $45.10 and its two-hundred day moving average is $40.92. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market cap of $41.73 billion, a PE ratio of 286.71, a P/E/G ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 EPS. Equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Ratings Changes

GLW has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft increased 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, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has an average 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.