SteelPeak Wealth LLC Purchases 239 Shares of Corning Incorporated (NYSE:GLW)

SteelPeak Wealth LLC boosted its position in Corning Incorporated (NYSE:GLW) by 3.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 7,481 shares of the electronics maker’s stock after purchasing an additional 239 shares during the period. SteelPeak Wealth LLC’s holdings in Corning were worth $338,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. MBB Public Markets I LLC grew its position in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Corning in the 1st quarter worth about $653,000. Dark Forest Capital Management LP bought a new stake in Corning in the 2nd quarter worth about $511,000. Financial Counselors Inc. grew its position in Corning by 40.9% in the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock worth $10,316,000 after purchasing an additional 90,836 shares in the last quarter. Finally, Raymond James & Associates boosted its stake in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on GLW. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Finally, Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

NYSE GLW opened at $47.59 on Friday. Corning Incorporated has a 1 year low of $26.41 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98. The stock has a market capitalization of $40.72 billion, a PE ratio of 279.94, a P/E/G ratio of 1.61 and a beta of 1.04. The company’s 50 day simple moving average is $44.40 and its two-hundred day simple moving average is $40.22.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. Analysts predict that Corning Incorporated will post 1.93 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 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.