Sigma Planning Corp Acquires 594 Shares of Corning Incorporated (NYSE:GLW)

Sigma Planning Corp lifted its stake in Corning Incorporated (NYSE:GLW) by 6.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,552 shares of the electronics maker’s stock after purchasing an additional 594 shares during the period. Sigma Planning Corp’s holdings in Corning were worth $476,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Empowered Funds LLC lifted its holdings in shares of Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock worth $640,000 after buying an additional 5,081 shares during the period. Bleakley Financial Group LLC grew its holdings in Corning by 4.9% during the 1st quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock worth $329,000 after acquiring an additional 464 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Corning by 11.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock valued at $3,601,000 after purchasing an additional 10,980 shares in the last quarter. Kingsview Wealth Management LLC boosted its stake in shares of Corning by 5.2% during the first quarter. Kingsview Wealth Management LLC now owns 37,125 shares of the electronics maker’s stock valued at $1,224,000 after purchasing an additional 1,830 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Corning by 0.5% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 444,777 shares of the electronics maker’s stock valued at $14,659,000 after purchasing an additional 2,079 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

NYSE GLW opened at $46.49 on Friday. The company has a market cap of $39.81 billion, a price-to-earnings ratio of 274.71, a PEG ratio of 1.51 and a beta of 1.03. 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 stock’s fifty day moving average price is $45.63 and its 200 day moving average price is $41.37. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

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

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.