Compass Ion Advisors LLC Purchases New Holdings in Corning Incorporated (NYSE:GLW)

Compass Ion Advisors LLC bought a new stake in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,536 shares of the electronics maker's stock, valued at approximately $521,000.

A number of other hedge funds have also made changes to their positions in the company. West Oak Capital LLC increased 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 worth $2,328,000 after buying an additional 215 shares in the last quarter. Grove Bank & Trust increased its position in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker's stock worth $55,000 after purchasing an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY raised its stake in Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker's stock valued at $524,000 after purchasing an additional 251 shares during the last quarter. Long Run Wealth Advisors LLC lifted its holdings in Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker's stock valued at $1,306,000 after purchasing an additional 274 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC boosted its stake in shares of Corning by 21.2% during the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker's stock worth $61,000 after purchasing an additional 275 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GLW. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $46.00 to $49.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Hsbc Global Res raised Corning from a "moderate sell" rating to a "hold" rating in a research report on Tuesday, July 9th. Oppenheimer increased their target price on Corning from $47.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, September 20th. Finally, Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the company a "buy" rating in a report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $47.23.

Corning Trading Up 0.3 %

Shares of Corning stock traded up $0.14 during trading hours on Friday, hitting $46.66. The company's stock had a trading volume of 2,036,706 shares, compared to its average volume of 4,338,558. The business has a fifty day moving average of $43.16 and a 200 day moving average of $39.37. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $39.97 billion, a PE ratio of 65.72, a P/E/G ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm's quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 EPS. As a group, equities analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio is presently 157.75%.

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.