Weatherly Asset Management L. P. Buys 13,392 Shares of Corning Incorporated (NYSE:GLW)

Weatherly Asset Management L. P. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 37.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,750 shares of the electronics maker’s stock after purchasing an additional 13,392 shares during the period. Weatherly Asset Management L. P.’s holdings in Corning were worth $2,201,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. City Holding Co. raised its position in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. ESL Trust Services LLC acquired a new stake in Corning during the 1st quarter worth about $33,000. Accordant Advisory Group Inc acquired a new stake in Corning during the 2nd quarter worth about $39,000. Global Trust Asset Management LLC grew its holdings in Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new stake in Corning during the 3rd quarter worth about $45,000. 69.80% of the stock is owned by institutional investors.

Corning Price Performance

GLW stock opened at $48.36 on Friday. The company has a market capitalization of $41.38 billion, a P/E ratio of 284.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66. Corning Incorporated has a 52-week low of $26.71 and a 52-week high of $51.03. The business has a 50-day simple moving average of $44.52 and a two-hundred day simple moving average of $40.33.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. Research analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s dividend payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GLW shares. Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target 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.