Corning Incorporated (NYSE:GLW) Holdings Lifted by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. increased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 39.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,821 shares of the electronics maker's stock after acquiring an additional 26,097 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Corning were worth $4,130,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of GLW. Beaird Harris Wealth Management LLC increased its position in shares of Corning by 105.1% in the third quarter. Beaird Harris Wealth Management LLC now owns 3,259 shares of the electronics maker's stock valued at $147,000 after buying an additional 1,670 shares in the last quarter. Franklin Resources Inc. increased its stake in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after buying an additional 62,514 shares in the last quarter. Peapack Gladstone Financial Corp raised its holdings in shares of Corning by 0.7% during the third quarter. Peapack Gladstone Financial Corp now owns 51,821 shares of the electronics maker's stock valued at $2,339,000 after acquiring an additional 350 shares during the last quarter. Synovus Financial Corp boosted its stake in shares of Corning by 65.4% in the third quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker's stock worth $908,000 after acquiring an additional 7,952 shares during the last quarter. Finally, Tidal Investments LLC raised its stake in Corning by 15.9% in the 3rd quarter. Tidal Investments LLC now owns 41,535 shares of the electronics maker's stock valued at $1,875,000 after purchasing an additional 5,713 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction that occurred 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 sale, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Down 0.9 %

Shares of NYSE GLW traded down $0.46 during mid-day trading on Friday, reaching $48.15. The company had a trading volume of 4,023,823 shares, compared to its average volume of 3,876,734. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $41.23 billion, a P/E ratio of 283.24, a PEG ratio of 1.54 and a beta of 1.03. The firm has a 50 day simple moving average of $47.57 and a two-hundred day simple moving average of $43.36.

Corning (NYSE:GLW - Get Free Report) last released its quarterly 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 quarter in the prior year, the business earned $0.45 earnings per share. The company's quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Friday, November 15th. Corning's dividend payout ratio (DPR) is 658.82%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GLW shares. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Barclays increased 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. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.08.

About Corning

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.