Radnor Capital Management LLC Acquires Shares of 41,635 Corning Incorporated (NYSE:GLW)

Radnor Capital Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 41,635 shares of the electronics maker's stock, valued at approximately $1,880,000.

Other large investors have also modified their holdings of the company. City Holding Co. raised its stake in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after buying an additional 600 shares in the last quarter. ESL Trust Services LLC purchased a new position in shares of Corning during the 1st quarter worth approximately $33,000. Accordant Advisory Group Inc purchased a new position in shares of Corning during the 2nd quarter worth approximately $39,000. Global Trust Asset Management LLC raised its stake in shares of 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. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the 3rd quarter worth approximately $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 2.0 %

Corning stock traded up $0.96 during midday trading on Wednesday, reaching $48.24. The stock had a trading volume of 5,059,189 shares, compared to its average volume of 5,735,952. Corning Incorporated has a twelve month low of $26.94 and a twelve month high of $51.03. The stock has a market capitalization of $41.30 billion, a PE ratio of 278.06, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock's 50-day simple moving average is $44.71 and its 200 day simple moving average is $40.69.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating 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 firm had revenue of $3.39 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is currently 658.82%.

Analysts Set New Price Targets

GLW has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. HSBC raised Corning from a "reduce" rating to a "hold" rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. Hsbc Global Res raised Corning from a "moderate sell" rating to a "hold" rating in a research note on Tuesday, July 9th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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.