Alliance Wealth Advisors LLC Acquires New Stake in Corning Incorporated (NYSE:GLW)

Alliance Wealth Advisors LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 7,467 shares of the electronics maker’s stock, valued at approximately $337,000.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. MBB Public Markets I LLC lifted its stake in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in shares of Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after acquiring an additional 24,421 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new position in shares of Corning during the 1st quarter worth $1,708,000. Central Pacific Bank Trust Division bought a new stake in shares of Corning during the 1st quarter valued at $653,000. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Corning in the 2nd quarter worth $511,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 0.5 %

GLW opened at $46.01 on Thursday. The company has a market capitalization of $39.41 billion, a PE ratio of 64.80, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. The firm has a 50-day simple moving average of $42.83 and a two-hundred day simple moving average of $39.13. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 157.75%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Barclays boosted their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. UBS Group raised their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Oppenheimer upped their price target on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.23.

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.