Larson Financial Group LLC Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Larson Financial Group LLC grew its holdings in Corning Incorporated (NYSE:GLW) by 905.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 7,280 shares of the electronics maker’s stock after buying an additional 6,556 shares during the quarter. Larson Financial Group LLC’s holdings in Corning were worth $329,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GLW. City Holding Co. increased its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Accordant Advisory Group Inc purchased a new stake in Corning in the second quarter worth about $39,000. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the 3rd quarter valued at approximately $39,000. Global Trust Asset Management LLC grew its holdings 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 acquiring an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning in the 3rd quarter worth approximately $45,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GLW has been the topic of a number of research reports. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. upped their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft raised 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. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Down 0.5 %

Corning stock opened at $48.00 on Wednesday. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The company has a market cap of $41.10 billion, a P/E ratio of 282.35, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a 50-day simple moving average of $46.53 and a two-hundred day simple moving average of $42.28.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the business posted $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given 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 dividend yield of 2.33%. Corning’s payout ratio is currently 658.82%.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

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.