Atlanta Consulting Group Advisors LLC Takes $213,000 Position in Corning Incorporated (NYSE:GLW)

Atlanta Consulting Group Advisors LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 4,719 shares of the electronics maker’s stock, valued at approximately $213,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning during the 3rd quarter valued at approximately $39,000. Schneider Downs Wealth Management Advisors LP purchased a new position in shares of Corning during the 3rd quarter valued at approximately $232,000. Kinsale Capital Group Inc. boosted its stake in shares of Corning by 14.9% during the 3rd quarter. Kinsale Capital Group Inc. now owns 135,968 shares of the electronics maker’s stock valued at $6,139,000 after buying an additional 17,621 shares during the last quarter. River Street Advisors LLC boosted its stake in shares of Corning by 3.6% during the 3rd quarter. River Street Advisors LLC now owns 18,140 shares of the electronics maker’s stock valued at $819,000 after buying an additional 633 shares during the last quarter. Finally, Natixis Advisors LLC boosted its stake in shares of Corning by 10.1% during the 3rd quarter. Natixis Advisors LLC now owns 287,153 shares of the electronics maker’s stock valued at $12,965,000 after buying an additional 26,364 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of GLW opened at $46.49 on Monday. The firm has a market capitalization of $39.81 billion, a price-to-earnings ratio of 273.47, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. 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 one year low of $27.57 and a one year high of $51.03. The stock’s fifty day moving average is $45.74 and its 200-day moving average is $41.59.

Corning (NYSE:GLW) last issued its quarterly earnings results 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 company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. Equities analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 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.