Aviance Capital Partners LLC Purchases 6,092 Shares of Corning Incorporated (NYSE:GLW)

Aviance Capital Partners LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 23.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,612 shares of the electronics maker’s stock after buying an additional 6,092 shares during the period. Aviance Capital Partners LLC’s holdings in Corning were worth $1,427,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. City Holding Co. raised its position in shares of 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 purchasing an additional 600 shares during the period. Accordant Advisory Group Inc acquired a new position in shares of Corning in the second quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC acquired a new position in Corning during the 3rd quarter worth about $39,000. Global Trust Asset Management LLC raised its stake in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning during the 3rd quarter worth approximately $45,000. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of several analyst reports. Barclays boosted their price target 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. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, UBS Group upped 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. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Down 0.1 %

Corning stock opened at $46.44 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock has a market capitalization of $39.76 billion, a PE ratio of 273.18, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The business has a 50 day simple moving average of $45.85 and a 200-day simple moving average of $41.68.

Corning (NYSE:GLW) last released its earnings results 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 return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $0.45 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm 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 annualized dividend and a yield of 2.41%. Corning’s dividend payout ratio 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.