Schneider Downs Wealth Management Advisors LP Invests $232,000 in Corning Incorporated (NYSE:GLW)

Schneider Downs Wealth Management Advisors LP bought a new stake in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 5,138 shares of the electronics maker’s stock, valued at approximately $232,000.

A number of other large investors also recently added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD lifted its stake in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Natixis lifted its holdings in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after buying an additional 1,735,638 shares during the period. Los Angeles Capital Management LLC boosted its holdings in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after purchasing an additional 1,003,556 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.6 %

Shares of GLW stock opened at $46.49 on Friday. 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 company’s fifty day moving average price is $45.74 and its 200-day moving average price is $41.53. The company has a market capitalization of $39.81 billion, a price-to-earnings ratio of 273.47, a PEG ratio of 1.49 and a beta of 1.03. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) 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 firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

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 issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays upped their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Susquehanna raised their price objective 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. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus 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.