Sfmg LLC Acquires Shares of 4,549 Corning Incorporated (NYSE:GLW)

Sfmg LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,549 shares of the electronics maker’s stock, valued at approximately $205,000.

A number of other large investors have also made changes to their positions in GLW. City Holding Co. increased its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in Corning in the third quarter valued at approximately $40,000. Global Trust Asset Management LLC lifted its stake in Corning by 2,250.0% during the third 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 in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after buying an additional 473 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred 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 transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred 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. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft boosted their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Barclays raised their price target 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. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Performance

Shares of GLW stock opened at $48.61 on Friday. The company has a market cap of $41.62 billion, a P/E ratio of 285.94, a PEG ratio of 1.52 and a beta of 1.03. The firm has a fifty day moving average price of $47.42 and a 200 day moving average price of $43.24. 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 Incorporated has a 12 month low of $29.14 and a 12 month high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings data 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 return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm posted $0.45 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s payout ratio is currently 658.82%.

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.