Prospera Financial Services Inc Invests $264,000 in Corning Incorporated (NYSE:GLW)

Prospera Financial Services Inc purchased a new position in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,841 shares of the electronics maker’s stock, valued at approximately $264,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new stake in shares of Corning during the 3rd quarter worth approximately $168,000. Caprock Group LLC lifted its stake in Corning by 2.5% in the 3rd quarter. Caprock Group LLC now owns 27,928 shares of the electronics maker’s stock valued at $1,261,000 after purchasing an additional 682 shares during the last quarter. Aviance Capital Partners LLC lifted its stake in Corning by 23.9% in the 3rd quarter. Aviance Capital Partners LLC now owns 31,612 shares of the electronics maker’s stock valued at $1,427,000 after purchasing an additional 6,092 shares during the last quarter. Quest Partners LLC bought a new position in Corning in the 3rd quarter valued at approximately $106,000. Finally, Prudent Man Advisors LLC lifted its stake in Corning by 42.4% in the 3rd quarter. Prudent Man Advisors LLC now owns 28,334 shares of the electronics maker’s stock valued at $1,279,000 after purchasing an additional 8,441 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on GLW shares. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Oppenheimer reissued an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna increased 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. Finally, Barclays raised their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 0.5 %

GLW opened at $48.29 on Tuesday. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $46.43 and a 200-day moving average of $42.18. The stock has a market cap of $41.35 billion, a PE ratio of 284.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 earnings per share. On average, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently declared 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

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.