Brookstone Capital Management Acquires 1,951 Shares of Corning Incorporated (NYSE:GLW)

Brookstone Capital Management increased its stake in Corning Incorporated (NYSE:GLW) by 42.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,522 shares of the electronics maker’s stock after purchasing an additional 1,951 shares during the quarter. Brookstone Capital Management’s holdings in Corning were worth $294,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Grove Bank & Trust grew its holdings in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY increased its holdings in Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after acquiring an additional 251 shares during the period. Long Run Wealth Advisors LLC lifted its stake in Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its holdings in Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares during the period. Finally, Legacy Capital Group California Inc. grew its position in shares of Corning by 1.0% during the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 0.8 %

NYSE GLW opened at $46.85 on Tuesday. The firm has a market cap of $40.13 billion, a PE ratio of 65.99, a price-to-earnings-growth ratio of 1.72 and a beta of 1.04. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45. The stock has a 50-day moving average of $42.52 and a 200-day moving average of $38.99. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 157.75%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GLW. Barclays increased their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Oppenheimer lifted their price target on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Citigroup raised their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

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.