Venturi Wealth Management LLC Acquires 473 Shares of Corning Incorporated (NYSE:GLW)

Venturi Wealth Management LLC boosted its holdings in Corning Incorporated (NYSE:GLW) by 90.8% in the third quarter, HoldingsChannel reports. The firm owned 994 shares of the electronics maker’s stock after purchasing an additional 473 shares during the period. Venturi Wealth Management LLC’s holdings in Corning were worth $45,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. City Holding Co. increased its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. ESL Trust Services LLC bought a new position in Corning during the first quarter worth $33,000. Accordant Advisory Group Inc acquired a new stake in Corning in the second quarter worth $39,000. Global Trust Asset Management LLC increased its stake in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning in the third quarter valued at $45,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.6 %

NYSE:GLW opened at $46.49 on Friday. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The firm has a 50-day moving average price of $45.63 and a two-hundred day moving average price of $41.37. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03.

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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.45 earnings per share. Corning’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given 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 yield of 2.41%. Corning’s payout ratio is currently 658.82%.

Analysts Set New Price Targets

Several brokerages have recently commented on GLW. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.