River Street Advisors LLC Has $819,000 Holdings in Corning Incorporated (NYSE:GLW)

River Street Advisors LLC lifted its stake in Corning Incorporated (NYSE:GLW) by 3.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 18,140 shares of the electronics maker’s stock after buying an additional 633 shares during the quarter. River Street Advisors LLC’s holdings in Corning were worth $819,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Empowered Funds LLC boosted its position in shares of Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock worth $640,000 after purchasing an additional 5,081 shares during the last quarter. Bleakley Financial Group LLC lifted its holdings in Corning by 4.9% during the first quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock worth $329,000 after acquiring an additional 464 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Corning by 11.2% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock worth $3,601,000 after acquiring an additional 10,980 shares in the last quarter. Kingsview Wealth Management LLC lifted its holdings in Corning by 5.2% during the first quarter. Kingsview Wealth Management LLC now owns 37,125 shares of the electronics maker’s stock worth $1,224,000 after acquiring an additional 1,830 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Corning by 0.5% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 444,777 shares of the electronics maker’s stock worth $14,659,000 after acquiring an additional 2,079 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE:GLW traded down $0.28 during trading on Friday, hitting $46.49. 3,655,835 shares of the company were exchanged, compared to its average volume of 5,084,251. The business’s 50 day moving average is $45.74 and its 200-day moving average is $41.48. The company has a market capitalization of $39.81 billion, a P/E ratio of 273.47, 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 Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 2.41%. Corning’s payout ratio is 658.82%.

Analyst Ratings Changes

Several research analysts have weighed in on GLW shares. 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. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Bank of America lifted their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $50.08.

About Corning

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.