Pathway Financial Advisers LLC Grows Stock Holdings in Corning Incorporated (NYSE:GLW)

Pathway Financial Advisers LLC increased its holdings in Corning Incorporated (NYSE:GLW) by 4,306.9% in the third quarter, Holdings Channel reports. The fund owned 1,050,463 shares of the electronics maker’s stock after purchasing an additional 1,026,626 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Corning were worth $47,428,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Access Investment Management LLC purchased a new stake in shares of Corning during the first quarter worth about $28,000. City Holding Co. increased its stake 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 in the last quarter. Register Financial Advisors LLC purchased a new position in shares of Corning in the first quarter worth $33,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the first quarter worth $33,000. Finally, ESL Trust Services LLC acquired a new position in shares of Corning in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW traded down $0.56 during midday trading on Friday, hitting $46.25. The company’s stock had a trading volume of 3,955,119 shares, compared to its average volume of 5,691,504. The company has a market cap of $39.62 billion, a P/E ratio of 65.14, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. The business’s 50 day simple moving average is $43.74 and its 200 day simple moving average is $39.68. Corning Incorporated has a 12-month low of $26.37 and a 12-month high of $47.72. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 earnings per share. On average, analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

Several analysts have commented on GLW shares. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. upped their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

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.