Cerity Partners LLC Boosts Stake in Corning Incorporated (NYSE:GLW)

25 Nov 2024, 11:43 by Kim Johansen · The Markets Daily

Cerity Partners LLC raised its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 4.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 513,818 shares of the electronics maker’s stock after acquiring an additional 22,811 shares during the quarter. Cerity Partners LLC’s holdings in Corning were worth $23,199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Great Valley Advisor Group Inc. grew its stake in Corning by 101.5% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 11,581 shares of the electronics maker’s stock worth $523,000 after buying an additional 5,835 shares during the last quarter. Raymond James Trust N.A. grew its stake in shares of Corning by 2.0% during the third quarter. Raymond James Trust N.A. now owns 34,803 shares of the electronics maker’s stock worth $1,571,000 after acquiring an additional 697 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Corning by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after acquiring an additional 38,168 shares in the last quarter. Smithfield Trust Co raised its position in shares of Corning by 20.4% in the 3rd quarter. Smithfield Trust Co now owns 7,002 shares of the electronics maker’s stock valued at $317,000 after purchasing an additional 1,185 shares during the last quarter. Finally, King Luther Capital Management Corp boosted its stake in Corning by 44.3% in the 3rd quarter. King Luther Capital Management Corp now owns 42,488 shares of the electronics maker’s stock worth $1,918,000 after purchasing an additional 13,037 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Up 1.4 %

GLW stock opened at $48.52 on Monday. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The business’s 50-day moving average is $46.33 and its 200 day moving average is $42.08. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $41.54 billion, a price-to-earnings ratio of 285.41, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW – Get Free Report) last announced its quarterly earnings data 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 company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm posted $0.45 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning’s payout ratio is 658.82%.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent analyst reports. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.08.

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