Independent Advisor Alliance Grows Holdings in Corning Incorporated (NYSE:GLW)

Independent Advisor Alliance boosted its holdings in Corning Incorporated (NYSE:GLW) by 342.5% in the 3rd quarter, Holdings Channel reports. The firm owned 55,986 shares of the electronics maker’s stock after purchasing an additional 43,335 shares during the period. Independent Advisor Alliance’s holdings in Corning were worth $2,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. West Oak Capital LLC raised its position in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC raised its position in Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the last quarter. SteelPeak Wealth LLC raised its position in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust raised its position in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after buying an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. raised its position in Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after buying an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.45% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GLW shares. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Barclays upped their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. upped 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. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Price Performance

Shares of NYSE GLW opened at $48.29 on Tuesday. The stock has a market cap of $41.35 billion, a price-to-earnings ratio of 284.06, a PEG ratio of 1.55 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’s 50-day moving average price is $46.43 and its 200 day moving average price is $42.18. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. 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.