CreativeOne Wealth LLC Buys 1,689 Shares of Corning Incorporated (NYSE:GLW)

CreativeOne Wealth LLC increased its stake in shares of Corning Incorporated (NYSE:GLW) by 20.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,944 shares of the electronics maker’s stock after acquiring an additional 1,689 shares during the quarter. CreativeOne Wealth LLC’s holdings in Corning were worth $449,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in shares of Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after buying an additional 38,168 shares in the last quarter. FMR LLC increased its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. Swiss National Bank raised its holdings in shares of Corning by 0.6% during the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock worth $109,060,000 after acquiring an additional 14,900 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Corning by 0.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after acquiring an additional 10,311 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 0.9 %

NYSE:GLW opened at $48.67 on Monday. 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 firm has a market cap of $41.67 billion, a PE ratio of 286.29, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The company has a 50-day moving average of $46.78 and a 200 day moving average of $42.56. Corning Incorporated has a 1-year low of $28.02 and a 1-year high of $51.03.

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

Corning Announces Dividend

The company also recently declared 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. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on GLW. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company 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.