Future Financial Wealth Managment LLC Buys New Holdings in Corning Incorporated (NYSE:GLW)

Future Financial Wealth Managment LLC bought a new stake in Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,000 shares of the electronics maker’s stock, valued at approximately $45,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Grove Bank & Trust raised its holdings in Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY raised its holdings in Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC raised its holdings in Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its holdings in Corning by 21.2% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after purchasing an additional 275 shares in the last quarter. Finally, Legacy Capital Group California Inc. raised its holdings in Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 1.5 %

NYSE GLW opened at $46.02 on Friday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $47.45. The company has a 50-day moving average of $42.07 and a 200-day moving average of $38.66. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The company has a market cap of $39.38 billion, a P/E ratio of 92.04, a P/E/G ratio of 1.80 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data 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 net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 224.00%.

Analyst Ratings Changes

A number of analysts have weighed in on GLW shares. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Argus lifted their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Corning 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.