KMG Fiduciary Partners LLC Acquires 301 Shares of Corning Incorporated (NYSE:GLW)

KMG Fiduciary Partners LLC grew its stake in Corning Incorporated (NYSE:GLW) by 0.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,472 shares of the electronics maker’s stock after acquiring an additional 301 shares during the period. KMG Fiduciary Partners LLC’s holdings in Corning were worth $2,008,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Aaron Wealth Advisors LLC increased its holdings in shares of Corning by 17.9% in the third quarter. Aaron Wealth Advisors LLC now owns 13,867 shares of the electronics maker’s stock valued at $626,000 after purchasing an additional 2,106 shares during the last quarter. Claro Advisors LLC boosted its holdings in shares of Corning by 114.4% during the 3rd quarter. Claro Advisors LLC now owns 12,469 shares of the electronics maker’s stock worth $563,000 after buying an additional 6,654 shares during the period. V Square Quantitative Management LLC grew its stake in Corning by 14.1% in the 3rd quarter. V Square Quantitative Management LLC now owns 9,910 shares of the electronics maker’s stock valued at $447,000 after buying an additional 1,221 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Corning by 2.8% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 80,776 shares of the electronics maker’s stock worth $3,647,000 after acquiring an additional 2,179 shares during the last quarter. Finally, Vista Investment Partners LLC bought a new stake in shares of Corning during the third quarter worth approximately $474,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Citigroup increased their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Oppenheimer upped their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Stock Performance

Shares of GLW stock opened at $46.66 on Friday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company has a 50 day moving average price of $43.16 and a 200-day moving average price of $39.32. The firm has a market capitalization of $39.93 billion, a PE ratio of 93.32, a P/E/G ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

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 paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 224.00%.

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.