CWA Asset Management Group LLC Makes New $5.71 Million Investment in Corning Incorporated (NYSE:GLW)

CWA Asset Management Group LLC purchased a new stake in shares of Corning Incorporated (NYSE:GLW - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 126,356 shares of the electronics maker's stock, valued at approximately $5,705,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. City Holding Co. lifted its position in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Global Trust Asset Management LLC lifted its holdings in 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 in the last quarter. ESL Trust Services LLC bought a new position in Corning in the 1st quarter valued at $33,000. Accordant Advisory Group Inc acquired a new stake in shares of Corning in the 2nd quarter valued at $39,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning during the third quarter worth $45,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on GLW. Morgan Stanley reiterated an "equal weight" rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Finally, Mizuho upgraded Corning from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $50.08.

Corning Stock Up 1.0 %

Shares of GLW traded up $0.50 on Friday, hitting $48.72. The company's stock had a trading volume of 4,827,795 shares, compared to its average volume of 5,718,448. 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 firm has a market capitalization of $41.71 billion, a price-to-earnings ratio of 286.59, a P/E/G ratio of 1.54 and a beta of 1.03. The firm's fifty day moving average price is $45.10 and its 200-day moving average price is $40.92. Corning Incorporated has a fifty-two week low of $26.94 and a fifty-two week high of $51.03.

Corning (NYSE:GLW - Get Free Report) last issued 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 company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 2.30%. Corning's dividend payout ratio is currently 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.