Thompson Davis & CO. Inc. Makes New Investment in Corning Incorporated (NYSE:GLW)

Thompson Davis & CO. Inc. purchased a new stake in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,475 shares of the electronics maker’s stock, valued at approximately $292,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. City Holding Co. boosted its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Accordant Advisory Group Inc bought a new position in Corning in the second quarter valued at about $39,000. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the third quarter worth about $39,000. Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Corning during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

NYSE GLW opened at $47.30 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The business has a 50 day simple moving average of $45.97 and a 200 day simple moving average of $41.78. The stock has a market cap of $40.50 billion, a price-to-earnings ratio of 278.24, a PEG ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for 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 firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. Analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed 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 of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. Corning’s dividend payout ratio is currently 658.82%.

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.