Prospera Private Wealth LLC Makes New $50,000 Investment in Corning Incorporated (NYSE:GLW)

Prospera Private Wealth LLC acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the third quarter, Holdings Channel reports. The firm acquired 1,100 shares of the electronics maker’s stock, valued at approximately $50,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. City Holding Co. boosted its position in shares of Corning by 545.5% during 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 in the last quarter. Accordant Advisory Group Inc acquired a new stake in shares of Corning in the second quarter worth $39,000. Cassady Schiller Wealth Management LLC purchased a new position in Corning during the 3rd quarter valued at about $39,000. Global Trust Asset Management LLC increased its stake in 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 purchased a new stake in shares of Corning during the third quarter worth $45,000. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on GLW. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Performance

NYSE GLW opened at $47.97 on Friday. The firm has a 50-day moving average of $46.21 and a 200-day moving average of $41.86. The stock has a market cap of $41.07 billion, a PE ratio of 282.15, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 52-week low of $27.57 and a 52-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.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm 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 company’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given 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 2.34%. Corning’s dividend payout ratio is currently 658.82%.

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.