Canton Hathaway LLC Buys 1,000 Shares of Corning Incorporated (NYSE:GLW)

Canton Hathaway LLC raised its stake in shares of Corning Incorporated (NYSE:GLW) by 15.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 7,335 shares of the electronics maker’s stock after purchasing an additional 1,000 shares during the quarter. Canton Hathaway LLC’s holdings in Corning were worth $331,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in GLW. City Holding Co. increased its stake in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Cassady Schiller Wealth Management LLC bought a new stake in shares of Corning in the 3rd quarter valued at approximately $39,000. Global Trust Asset Management LLC boosted its stake in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in shares of Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares during the period. Finally, Accordant Advisory Group Inc acquired a new stake in shares of Corning in the 2nd quarter valued at $39,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was 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 approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.45% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GLW. JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Performance

Corning stock opened at $48.90 on Monday. The company has a market cap of $41.87 billion, a PE ratio of 285.41, a PEG ratio of 1.55 and a beta of 1.03. 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 Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The company’s 50-day moving average is $46.33 and its two-hundred day moving average is $42.08.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business posted $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.29%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

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.