CWA Asset Management Group LLC Takes Position in Corning Incorporated (NYSE:GLW)

CWA Asset Management Group LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 126,356 shares of the electronics maker’s stock, valued at approximately $5,705,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. City Holding Co. increased its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. ESL Trust Services LLC purchased a new stake in Corning during the 1st quarter worth about $33,000. Accordant Advisory Group Inc acquired a new stake in Corning in the 2nd quarter valued at about $39,000. Global Trust Asset Management LLC boosted its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the third quarter worth about $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 1.1 %

NYSE:GLW opened at $48.74 on Friday. The company has a market capitalization of $41.73 billion, a PE ratio of 286.71, a P/E/G ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03. The stock’s 50 day moving average price is $45.10 and its 200 day moving average price is $40.92. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

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, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business 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 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.