Corning Incorporated (NYSE:GLW) Position Boosted by Beech Hill Advisors Inc.

Beech Hill Advisors Inc. grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 131,129 shares of the electronics maker’s stock after purchasing an additional 4,127 shares during the period. Corning makes up 2.0% of Beech Hill Advisors Inc.’s portfolio, making the stock its 27th biggest holding. Beech Hill Advisors Inc.’s holdings in Corning were worth $3,740,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Manchester Financial Inc. purchased a new stake in Corning during the second quarter valued at about $29,000. TRUE Private Wealth Advisors purchased a new stake in Corning during the second quarter valued at about $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Corning during the second quarter valued at about $33,000. SRS Capital Advisors Inc. purchased a new stake in Corning during the second quarter valued at about $35,000. Finally, Nelson Roberts Investment Advisors LLC lifted its stake in Corning by 31.7% during the second quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock valued at $43,000 after buying an additional 314 shares in the last quarter. Institutional investors own 71.27% of the company’s stock.

NYSE GLW opened at $29.33 on Friday. The company has a 50 day simple moving average of $28.39 and a 200-day simple moving average of $30.79. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. The firm has a market capitalization of $22.92 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 1.89 and a beta of 1.16. Corning Incorporated has a 52-week low of $26.75 and a 52-week high of $35.34.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The business had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. On average, analysts predict that Corning Incorporated will post 1.71 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date is Thursday, November 14th. Corning’s dividend payout ratio (DPR) is 44.94%.

GLW has been the subject of a number of analyst reports. Barclays set a $33.00 price objective on shares of Corning and gave the company a “buy” rating in a research note on Tuesday, September 17th. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. Morgan Stanley reduced their price objective on shares of Corning from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. set a $30.00 price objective on shares of Corning and gave the company a “hold” rating in a research note on Tuesday, September 17th. Finally, Cross Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $33.67.

In other news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total value of $270,095.98. Following the completion of the sale, the insider now directly owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by corporate insiders.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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