Obermeyer Wood Investment Counsel Lllp acquired a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,220 shares of the electronics maker’s stock, valued at approximately $290,000.

Other hedge funds have also made changes to their positions in the company. QCI Asset Management Inc. NY grew its holdings in Corning by 0.4% during the 3rd quarter. QCI Asset Management Inc. NY now owns 432,151 shares of the electronics maker’s stock worth $15,255,000 after acquiring an additional 1,510 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in Corning by 2.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock worth $1,751,000 after acquiring an additional 1,550 shares in the last quarter. IFP Advisors Inc grew its holdings in Corning by 6.4% during the 2nd quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock worth $713,000 after acquiring an additional 1,551 shares in the last quarter. Whittier Trust Co. grew its holdings in Corning by 21.7% during the 2nd quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock worth $243,000 after acquiring an additional 1,575 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its holdings in Corning by 5.5% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock worth $892,000 after acquiring an additional 1,691 shares in the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

In related news, VP Christine M. Pambianchi sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $33.42, for a total value of $334,200.00. Following the completion of the sale, the vice president now owns 50,403 shares in the company, valued at approximately $1,684,468.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $33.66, for a total transaction of $33,660.00. Following the completion of the sale, the vice president now owns 60,403 shares of the company’s stock, valued at approximately $2,033,164.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,892 shares of company stock valued at $2,087,018. Company insiders own 0.46% of the company’s stock.

Several research firms have commented on GLW. UBS Group boosted their price target on shares of Corning from $29.50 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, July 26th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Monday, October 22nd. Morgan Stanley boosted their price target on shares of Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Argus boosted their price target on shares of Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a report on Thursday, September 20th. Finally, ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $35.89.

Shares of Corning stock opened at $32.45 on Tuesday. Corning Incorporated has a 12-month low of $26.11 and a 12-month high of $36.56. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $26.86 billion, a PE ratio of 18.87, a P/E/G ratio of 2.16 and a beta of 1.28.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the prior year, the business posted $0.40 EPS. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 1.77 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is 41.86%.

COPYRIGHT VIOLATION NOTICE: This story was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this story on another website, it was illegally copied and reposted in violation of international trademark and copyright legislation. The correct version of this story can be viewed at https://www.thecerbatgem.com/2018/11/13/8220-shares-in-corning-incorporated-glw-purchased-by-obermeyer-wood-investment-counsel-lllp.html.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

See Also: How to calculate compound interest

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.