Corning Incorporated (GLW) Holdings Raised by Evercore Wealth Management LLC

Evercore Wealth Management LLC boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 22.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,346 shares of the electronics maker’s stock after purchasing an additional 4,127 shares during the quarter. Evercore Wealth Management LLC’s holdings in Corning were worth $789,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Jupiter Asset Management Ltd. boosted its position in shares of Corning by 1.8% in the third quarter. Jupiter Asset Management Ltd. now owns 86,026 shares of the electronics maker’s stock valued at $3,036,000 after acquiring an additional 1,506 shares during the period. QCI Asset Management Inc. NY boosted its position in shares of Corning by 0.4% in the third quarter. QCI Asset Management Inc. NY now owns 432,151 shares of the electronics maker’s stock valued at $15,255,000 after acquiring an additional 1,510 shares during the period. GHP Investment Advisors Inc. boosted its position in shares of Corning by 2.5% in the second quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after acquiring an additional 1,550 shares during the period. IFP Advisors Inc boosted its position in shares of Corning by 6.4% in the second quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock valued at $713,000 after acquiring an additional 1,551 shares during the period. Finally, Chicago Partners Investment Group LLC boosted its position in shares of Corning by 5.5% in the second quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock valued at $892,000 after acquiring an additional 1,691 shares during the period. 70.83% of the stock is owned by hedge funds and other institutional investors.

Shares of GLW stock opened at $31.43 on Friday. The firm has a market capitalization of $25.83 billion, a P/E ratio of 19.09, a PEG ratio of 2.08 and a beta of 1.29. Corning Incorporated has a one year low of $26.11 and a one year high of $36.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.48 by $0.03. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. Corning’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period last year, the business earned $0.40 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.77 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.29%. Corning’s dividend payout ratio (DPR) is currently 41.86%.

In related news, insider David L. Morse sold 30,151 shares of the firm’s stock in a transaction on Friday, November 30th. The stock was sold at an average price of $32.16, for a total value of $969,656.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Lewis A. Steverson sold 12,577 shares of the firm’s stock in a transaction on Monday, November 26th. The stock was sold at an average price of $31.47, for a total value of $395,798.19. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,975 shares of company stock valued at $2,622,698. 0.46% of the stock is owned by company insiders.

Several equities research analysts have recently weighed in on GLW shares. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and increased their price objective for the company from $32.50 to $40.00 in a research report on Friday, September 14th. Guggenheim reissued a “buy” rating and issued a $41.00 price objective on shares of Corning in a research report on Tuesday, October 23rd. Argus increased their price objective on Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research report on Thursday, September 20th. Finally, UBS Group set a $33.00 price objective on Corning and gave the company a “hold” rating in a research report on Tuesday, October 23rd. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Corning has an average rating of “Buy” and an average price target of $36.11.

COPYRIGHT VIOLATION NOTICE: “Corning Incorporated (GLW) Holdings Raised by Evercore Wealth Management LLC” was published by The Lincolnian Online and is the property of of The Lincolnian Online. If you are accessing this story on another website, it was illegally stolen and republished in violation of US & international copyright and trademark law. The correct version of this story can be read at https://www.thelincolnianonline.com/2018/12/08/corning-incorporated-glw-holdings-raised-by-evercore-wealth-management-llc.html.

Corning Profile

Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.

Read More: How to Calculate Compound Annual Growth Rate (CAGR)

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply