5,993 Shares in Corning Incorporated (NYSE:GLW) Acquired by Daymark Wealth Partners LLC

Daymark Wealth Partners LLC bought a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 5,993 shares of the electronics maker’s stock, valued at approximately $271,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the 3rd quarter valued at about $45,000. Brookstone Capital Management grew its position in Corning by 42.7% during the third quarter. Brookstone Capital Management now owns 6,522 shares of the electronics maker’s stock valued at $294,000 after buying an additional 1,951 shares during the period. City Holding Co. increased its holdings in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. O Keefe Stevens Advisory Inc. raised its position in Corning by 0.4% in the third quarter. O Keefe Stevens Advisory Inc. now owns 308,615 shares of the electronics maker’s stock worth $13,934,000 after acquiring an additional 1,145 shares during the period. Finally, Atomi Financial Group Inc. purchased a new position in shares of Corning during the 3rd quarter worth $217,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 1.0 %

Shares of GLW stock opened at $46.47 on Friday. The company’s fifty day simple moving average is $42.19 and its two-hundred day simple moving average is $38.71. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45. The stock has a market cap of $39.76 billion, a P/E ratio of 92.94, a PEG ratio of 1.80 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. 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 presently 224.00%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GLW. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday. Oppenheimer increased their target price on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, Barclays lifted their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Company 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.