Corning Incorporated $GLW Stock: Oppenheimer & Co. Inc. Cuts Holdings

Oppenheimer & Co. Inc. decreased its holdings in Corning Incorporated (NYSE:GLW) by 5.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 223,816 shares of the electronics maker’s stock after selling 12,922 shares during the period. Oppenheimer & Co. Inc.’s holdings in Corning were worth $34,414,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Western Pacific Wealth Management LP purchased a new stake in Corning in the 3rd quarter valued at $25,000. Kings Path Partners LLC acquired a new stake in shares of Corning in the 3rd quarter worth $25,000. Atwood & Palmer Inc. purchased a new position in shares of Corning during the 2nd quarter worth $26,000. Rogco LP purchased a new position in shares of Corning during the 2nd quarter worth $27,000. Finally, Toth Financial Advisory Corp raised its holdings in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 98 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 3.0%

GLW opened at $127.34 on Tuesday. Corning Incorporated has a 52 week low of $77.39 and a 52 week high of $271.78. The business has a fifty day simple moving average of $151.19 and a 200-day simple moving average of $153.96. The firm has a market cap of $109.69 billion, a P/E ratio of 58.15, a P/E/G ratio of 1.56 and a beta of 1.13. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the previous year, the business earned $0.60 EPS. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. On average, equities analysts expect that Corning Incorporated will post 3.30 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is 51.14%.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GLW. Truist Financial boosted their price target on shares of Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research report on Friday, October 2nd. Sanford C. Bernstein began coverage on shares of Corning in a research report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. UBS Group boosted their target price on shares of Corning from $196.00 to $201.00 and gave the company a “buy” rating in a report on Monday, October 5th. Finally, Morgan Stanley decreased their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $177.25.

Corning Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.