Virtue Capital Management LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Virtue Capital Management LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 5.7% during the third quarter, Holdings Channel.com reports. The firm owned 20,347 shares of the electronics maker’s stock after acquiring an additional 1,089 shares during the period. Virtue Capital Management LLC’s holdings in Corning were worth $919,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of GLW. FMR LLC raised its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC raised its position in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the period. Dark Forest Capital Management LP bought a new stake in shares of Corning in the 2nd quarter valued at approximately $511,000. Transamerica Financial Advisors Inc. boosted its holdings in shares of Corning by 529.6% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock worth $747,000 after purchasing an additional 13,907 shares during the period. Finally, National Pension Service raised its holdings in Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after buying an additional 152,922 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

GLW has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock 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 upped their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

GLW opened at $48.37 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 business’s fifty day simple moving average is $47.29 and its 200-day simple moving average is $43.08. The company has a market capitalization of $41.41 billion, a price-to-earnings ratio of 284.53, a PEG ratio of 1.58 and a beta of 1.03. Corning Incorporated has a 12-month low of $29.14 and a 12-month high of $51.03.

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

Corning Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) 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.