HighTower Advisors LLC Has $29.21 Million Position in Corning Incorporated (NYSE:GLW)

HighTower Advisors LLC grew its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 56.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 646,817 shares of the electronics maker's stock after acquiring an additional 232,397 shares during the quarter. HighTower Advisors LLC owned about 0.08% of Corning worth $29,208,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of GLW. West Oak Capital LLC raised its position in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock valued at $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock worth $246,000 after buying an additional 232 shares in the last quarter. SteelPeak Wealth LLC lifted its position in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock worth $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust boosted its stake in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock valued at $55,000 after buying an additional 250 shares in the last quarter. Finally, Brown Lisle Cummings Inc. grew its position in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after acquiring an additional 250 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.4 %

NYSE:GLW traded down $0.20 on Friday, reaching $49.56. 3,277,802 shares of the stock traded hands, compared to its average volume of 5,579,680. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $28.76 and a 1-year high of $51.03. The company's 50 day moving average is $47.13 and its 200-day moving average is $42.85. The firm has a market capitalization of $42.43 billion, a price-to-earnings ratio of 292.76, a price-to-earnings-growth ratio of 1.57 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced 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. The business 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%. Corning's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 earnings per share. Equities research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid 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 2.26%. Corning's dividend payout ratio is currently 658.82%.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were 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 of the company's stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 currently owned by corporate insiders.

Analysts Set New Price Targets

GLW has been the topic of a number of research analyst reports. Oppenheimer restated an "outperform" rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research report on Wednesday. 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, Corning has a consensus rating of "Moderate Buy" and a consensus 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.