Oppenheimer & Co. Inc. Has $7.85 Million Holdings in Corning Incorporated (NYSE:GLW)

Oppenheimer & Co. Inc. trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the third quarter, HoldingsChannel reports. The fund owned 173,808 shares of the electronics maker’s stock after selling 3,606 shares during the period. Oppenheimer & Co. Inc.’s holdings in Corning were worth $7,847,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Aptus Capital Advisors LLC lifted its holdings in shares of Corning by 16.9% in the third quarter. Aptus Capital Advisors LLC now owns 7,696 shares of the electronics maker’s stock valued at $347,000 after purchasing an additional 1,115 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Corning by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after acquiring an additional 10,311 shares in the last quarter. GSA Capital Partners LLP grew its stake in shares of Corning by 2.6% during the 3rd quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock worth $482,000 after acquiring an additional 274 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Corning by 3.4% in the third quarter. Apollon Wealth Management LLC now owns 43,368 shares of the electronics maker’s stock valued at $1,958,000 after purchasing an additional 1,415 shares during the last quarter. Finally, Versor Investments LP lifted its position in shares of Corning by 107.7% in the third quarter. Versor Investments LP now owns 29,500 shares of the electronics maker’s stock worth $1,332,000 after purchasing an additional 15,300 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 2.3 %

NYSE GLW opened at $47.21 on Thursday. The business has a fifty day moving average price of $45.39 and a two-hundred day moving average price of $41.29. The stock has a market capitalization of $40.42 billion, a PE ratio of 277.71, a PEG ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 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 business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business 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. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Corning’s payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GLW. JPMorgan Chase & Co. increased their price objective 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. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

About Corning

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.