Main Street Financial Solutions LLC Purchases 555 Shares of Corning Incorporated (NYSE:GLW)

Main Street Financial Solutions LLC boosted its position in shares of Corning Incorporated (NYSE:GLW) by 6.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,955 shares of the electronics maker’s stock after buying an additional 555 shares during the period. Main Street Financial Solutions LLC’s holdings in Corning were worth $404,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. West Oak Capital LLC increased its holdings in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares during the last quarter. Lake Street Advisors Group LLC grew its position in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares during the period. SteelPeak Wealth LLC increased its stake in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after purchasing an additional 239 shares during the last quarter. Grove Bank & Trust raised its holdings in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its stake in Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of Corning stock opened at $47.05 on Friday. The company has a 50-day simple moving average of $45.51 and a two-hundred day simple moving average of $41.33. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The stock has a market capitalization of $40.28 billion, a price-to-earnings ratio of 276.76, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly 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. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share. Analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is presently 658.82%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GLW shares. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning 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.