Patten Group Inc. Raises Position in Corning Incorporated (GLW)
Patten Group Inc. increased its position in Corning Incorporated (NYSE:GLW) by 72.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,990 shares of the electronics maker’s stock after buying an additional 21,471 shares during the quarter. Patten Group Inc.’s holdings in Corning were worth $883,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. National Pension Service raised its position in Corning by 5.1% in the second quarter. National Pension Service now owns 881,921 shares of the electronics maker’s stock valued at $26,784,000 after purchasing an additional 42,877 shares during the period. Forte Capital LLC ADV raised its position in Corning by 5.7% in the second quarter. Forte Capital LLC ADV now owns 24,459 shares of the electronics maker’s stock valued at $735,000 after purchasing an additional 1,327 shares during the period. St. Johns Investment Management Company LLC raised its position in Corning by 3.8% in the second quarter. St. Johns Investment Management Company LLC now owns 24,087 shares of the electronics maker’s stock valued at $724,000 after purchasing an additional 889 shares during the period. Meeder Asset Management Inc. raised its position in Corning by 61.2% in the second quarter. Meeder Asset Management Inc. now owns 165,413 shares of the electronics maker’s stock valued at $4,970,000 after purchasing an additional 62,803 shares during the period. Finally, Buffington Mohr McNeal purchased a new position in Corning in the second quarter valued at about $412,000. 72.43% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on GLW shares. BidaskClub raised Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, August 15th. Oppenheimer reissued a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Susquehanna Bancshares reissued a “positive” rating and issued a $35.00 price objective on shares of Corning in a research report on Thursday, August 24th. Finally, Citigroup raised their price objective on Corning from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.28.
Shares of Corning Incorporated (NYSE GLW) traded up $0.62 during midday trading on Monday, hitting $32.35. The stock had a trading volume of 4,271,400 shares, compared to its average volume of 6,163,605. Corning Incorporated has a twelve month low of $24.12 and a twelve month high of $32.78. The stock has a market capitalization of $28,114.01, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 2.69 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 earnings per share. research analysts expect that Corning Incorporated will post 1.7 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.92%. Corning’s dividend payout ratio (DPR) is 26.38%.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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