Keynote Financial Services LLC Buys Shares of 5,088 Corning Incorporated (NYSE:GLW)

Keynote Financial Services LLC bought a new position in Corning Incorporated (NYSE:GLW) in the 3rd quarter, Holdings Channel.com reports. The fund bought 5,088 shares of the electronics maker’s stock, valued at approximately $230,000.

Several other hedge funds also recently modified their holdings of GLW. West Oak Capital LLC increased its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares in the last quarter. SteelPeak Wealth LLC increased its holdings in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares during the last quarter. Grove Bank & Trust raised its stake in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its stake in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Citigroup increased their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

Shares of GLW stock opened at $48.23 on Friday. Corning Incorporated has a 12 month low of $26.94 and a 12 month high of $51.03. The company has a market capitalization of $41.29 billion, a P/E ratio of 283.68, a P/E/G ratio of 1.54 and a beta of 1.03. The stock has a 50 day moving average of $44.83 and a two-hundred day moving average of $40.75. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business earned $0.45 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.95 EPS for the current 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 paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s payout ratio is currently 658.82%.

About Corning

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.