Pure Financial Advisors LLC Buys New Shares in Corning Incorporated (NYSE:GLW)

Pure Financial Advisors LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 5,032 shares of the electronics maker’s stock, valued at approximately $227,000.

Other institutional investors also recently bought and sold shares of the company. MBB Public Markets I LLC boosted its stake in shares of Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of Corning in the first quarter valued at $653,000. Dark Forest Capital Management LP purchased a new position in shares of Corning in the second quarter valued at $511,000. Financial Counselors Inc. boosted its stake in shares of Corning by 40.9% in the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after purchasing an additional 90,836 shares during the period. Finally, Raymond James & Associates boosted its stake in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GLW shares. JPMorgan Chase & Co. upped their target price 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. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Bank of America upped their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Susquehanna upped their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Up 1.6 %

Shares of NYSE:GLW opened at $48.36 on Monday. The company’s fifty day moving average is $44.52 and its two-hundred day moving average is $40.47. The stock has a market capitalization of $41.38 billion, a price-to-earnings ratio of 284.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66. Corning Incorporated has a 1-year low of $26.71 and a 1-year high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. Equities analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently declared 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 is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s dividend payout ratio is currently 658.82%.

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.