Wealth Enhancement Advisory Services LLC Purchases 91,816 Shares of Corning Incorporated (NYSE:GLW)

Wealth Enhancement Advisory Services LLC grew its position in Corning Incorporated (NYSE:GLW) by 7.8% during the third quarter, Holdings Channel reports. The institutional investor owned 1,262,613 shares of the electronics maker’s stock after acquiring an additional 91,816 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Corning were worth $57,007,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MBB Public Markets I LLC boosted its stake in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Corning during the 1st quarter worth $653,000. Dark Forest Capital Management LP acquired a new position in Corning during the 2nd quarter valued at about $511,000. Financial Counselors Inc. raised its stake in Corning by 40.9% in the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after buying an additional 90,836 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after acquiring an additional 42,818 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GLW. Argus upped their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Oppenheimer raised their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Finally, JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Stock Down 1.2 %

Shares of GLW opened at $46.25 on Friday. The company has a market capitalization of $39.62 billion, a price-to-earnings ratio of 65.14, a PEG ratio of 1.77 and a beta of 1.04. Corning Incorporated has a 52 week low of $26.37 and a 52 week high of $47.72. The stock’s 50-day moving average price is $43.86 and its 200-day moving average price is $39.78. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.42%. Corning’s payout ratio is 157.75%.

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.