Chicago Partners Investment Group LLC Purchases 452 Shares of Corning Incorporated (NYSE:GLW)

Chicago Partners Investment Group LLC lifted its position in shares of Corning Incorporated (NYSE:GLW) by 1.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,076 shares of the electronics maker’s stock after purchasing an additional 452 shares during the period. Chicago Partners Investment Group LLC’s holdings in Corning were worth $1,879,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. City Holding Co. lifted its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. ESL Trust Services LLC acquired a new position in Corning in the first quarter valued at approximately $33,000. Accordant Advisory Group Inc bought a new position in shares of Corning during the 2nd quarter worth approximately $39,000. Global Trust Asset Management LLC grew its position in shares of 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 buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Corning stock opened at $48.36 on Friday. The firm’s 50 day simple moving average is $44.52 and its 200 day simple moving average is $40.40. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $26.71 and a 1-year high of $51.03. The firm has a market capitalization of $41.38 billion, a PE ratio of 284.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03.

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

Corning Dividend Announcement

The business 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 yield of 2.32%. Corning’s payout ratio is presently 658.82%.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.