Corning Incorporated (NYSE:GLW) Shares Purchased by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY raised its holdings in Corning Incorporated (NYSE:GLW) by 152.7% in the third quarter, Holdings Channel.com reports. The fund owned 13,474 shares of the electronics maker’s stock after acquiring an additional 8,142 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Corning were worth $608,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. West Oak Capital LLC boosted its holdings in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares in the last quarter. SteelPeak Wealth LLC grew its holdings in shares of Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after acquiring an additional 239 shares during the last quarter. Grove Bank & Trust raised its position in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its holdings in shares of Corning by 1.5% during the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.9 %

Shares of NYSE GLW opened at $48.67 on Monday. The stock has a market cap of $41.67 billion, a price-to-earnings ratio of 286.29, a PEG ratio of 1.56 and a beta of 1.03. The business has a 50 day simple moving average of $46.78 and a 200 day simple moving average of $42.56. 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 $28.02 and a 52 week high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping 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 company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business posted $0.45 EPS. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GLW shares. Bank of America boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays boosted 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. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Six 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, Corning currently has an average rating of “Moderate Buy” and an average price target of $50.08.

Insider Activity

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

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.