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.
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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.
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