Syntax Research Inc. Purchases New Shares in Corning Incorporated $GLW

Syntax Research Inc. purchased a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,062 shares of the electronics maker’s stock, valued at approximately $932,000. Corning comprises approximately 0.7% of Syntax Research Inc.’s portfolio, making the stock its 18th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Fulcrum Asset Management LLP lifted its position in Corning by 414.0% during the third quarter. Fulcrum Asset Management LLP now owns 33,722 shares of the electronics maker’s stock valued at $5,352,000 after purchasing an additional 27,161 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Corning by 9.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 128,538 shares of the electronics maker’s stock worth $20,620,000 after buying an additional 10,867 shares in the last quarter. StoneRidge PMG Advisors LLC bought a new position in shares of Corning in the third quarter worth about $534,000. Entrust Financial LLC raised its stake in shares of Corning by 44.2% in the third quarter. Entrust Financial LLC now owns 806 shares of the electronics maker’s stock worth $124,000 after buying an additional 247 shares during the period. Finally, Beverly Hills Private Wealth LLC raised its stake in shares of Corning by 35.4% in the third quarter. Beverly Hills Private Wealth LLC now owns 10,651 shares of the electronics maker’s stock worth $1,638,000 after buying an additional 2,787 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $116.08 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The business’s 50-day simple moving average is $143.82 and its two-hundred day simple moving average is $155.67. The stock has a market cap of $99.99 billion, a PE ratio of 46.99, a P/E/G ratio of 1.46 and a beta of 1.23. Corning Incorporated has a 52 week low of $77.39 and a 52 week high of $271.78.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The business’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 earnings per share. As a group, analysts forecast that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 1.0%. Corning’s payout ratio is currently 45.34%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Mizuho lowered their price objective on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 15th. JPMorgan Chase & Co. reduced their target price on shares of Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a report on Wednesday, October 21st. Morgan Stanley decreased their target price on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 28th. The Goldman Sachs Group reaffirmed an “outperform” rating on shares of Corning in a report on Tuesday, September 15th. Finally, Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average target price of $174.56.

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.