Atlas Wealth LLC Takes Position in Corning Incorporated (NYSE:GLW)

Atlas Wealth LLC acquired a new stake in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 5,078 shares of the electronics maker’s stock, valued at approximately $229,000.

Several other hedge funds also recently modified their holdings of GLW. City Holding Co. grew 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 purchasing an additional 600 shares during the period. Accordant Advisory Group Inc purchased a new position in Corning during the 2nd quarter worth $39,000. Cassady Schiller Wealth Management LLC purchased a new position in Corning during the 3rd quarter worth $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning during the 3rd quarter worth $40,000. Finally, Global Trust Asset Management LLC boosted 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 acquiring an additional 900 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $48.67 on Monday. The firm has a market cap of $41.67 billion, a PE ratio of 286.29, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $28.02 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The business has a 50 day moving average price of $46.78 and a 200-day moving average price of $42.56.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. Corning’s dividend payout ratio (DPR) is 658.82%.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock 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.