Thompson Davis & CO. Inc. Purchases New Holdings in Corning Incorporated (NYSE:GLW)

Thompson Davis & CO. Inc. purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 6,475 shares of the electronics maker’s stock, valued at approximately $292,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. City Holding Co. increased its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the 3rd quarter worth about $39,000. Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the period. Finally, Accordant Advisory Group Inc acquired a new stake in Corning in the 2nd quarter valued at about $39,000. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of several research analyst reports. 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. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Up 1.9 %

NYSE GLW opened at $47.30 on Wednesday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The company has a market cap of $40.50 billion, a price-to-earnings ratio of 278.24, a PEG ratio of 1.49 and a beta of 1.03. The company has a 50 day moving average of $45.97 and a 200-day moving average of $41.78. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03.

Corning (NYSE:GLW) last announced 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. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 EPS. On average, equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Corning’s payout ratio is 658.82%.

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.