5,841 Shares in Corning Incorporated (NYSE:GLW) Bought by Prospera Financial Services Inc

Prospera Financial Services Inc acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,841 shares of the electronics maker’s stock, valued at approximately $264,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SVB Wealth LLC increased its stake in Corning by 7.0% in the 1st quarter. SVB Wealth LLC now owns 10,479 shares of the electronics maker’s stock valued at $345,000 after buying an additional 689 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its stake in Corning by 5.5% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 68,309 shares of the electronics maker’s stock valued at $2,081,000 after buying an additional 3,540 shares during the last quarter. Tidal Investments LLC increased its stake in Corning by 8.6% in the 1st quarter. Tidal Investments LLC now owns 50,265 shares of the electronics maker’s stock valued at $1,657,000 after buying an additional 3,996 shares during the last quarter. Comerica Bank increased its stake in Corning by 1.8% in the 1st quarter. Comerica Bank now owns 697,872 shares of the electronics maker’s stock valued at $23,002,000 after buying an additional 12,532 shares during the last quarter. Finally, Garner Asset Management Corp increased its stake in Corning by 2.5% in the 1st quarter. Garner Asset Management Corp now owns 50,383 shares of the electronics maker’s stock valued at $1,661,000 after buying an additional 1,222 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.45% of the company’s stock.

Corning Stock Down 0.5 %

Shares of GLW opened at $48.29 on Tuesday. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The firm has a market cap of $41.35 billion, a P/E ratio of 284.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm’s 50-day simple moving average is $46.43 and its 200 day simple moving average is $42.18. 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 (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s payout ratio is presently 658.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GLW shares. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.