Aaron Wealth Advisors LLC Acquires 2,106 Shares of Corning Incorporated (NYSE:GLW)

Aaron Wealth Advisors LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 17.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,867 shares of the electronics maker’s stock after buying an additional 2,106 shares during the quarter. Aaron Wealth Advisors LLC’s holdings in Corning were worth $626,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Natixis grew its holdings in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Corning by 10,626.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after buying an additional 1,003,556 shares during the last quarter. Shellback Capital LP bought a new position in shares of Corning during the second quarter valued at $34,483,000. Finally, Los Angeles Capital Management LLC bought a new position in Corning in the 2nd quarter worth about $20,651,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group boosted their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Argus raised their price target on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Oppenheimer boosted their price objective on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Stock Up 0.3 %

NYSE GLW opened at $46.66 on Friday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $47.45. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock has a market cap of $39.97 billion, a PE ratio of 65.72, a P/E/G ratio of 1.75 and a beta of 1.04. The stock’s 50 day moving average is $43.16 and its 200 day moving average is $39.28.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the company posted $0.45 earnings per share. Research analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. Corning’s dividend payout ratio is currently 157.75%.

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.