5,747 Corning Incorporated $GLW Shares Acquired by StoneX Group Inc.

StoneX Group Inc. lifted its stake in Corning Incorporated (NYSE:GLW) by 11.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 55,989 shares of the electronics maker’s stock after purchasing an additional 5,747 shares during the quarter. StoneX Group Inc.’s holdings in Corning were worth $8,594,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Alliance Wealth Advisors LLC boosted its holdings in shares of Corning by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock worth $1,033,000 after buying an additional 56 shares during the period. Ares Financial Consulting LLC increased its position in shares of Corning by 15.6% in the second quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock worth $113,000 after acquiring an additional 60 shares in the last quarter. Signature Equity Partners LLC increased its position in shares of Corning by 19.3% in the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after acquiring an additional 62 shares in the last quarter. Beirne Wealth Consulting Services LLC raised its holdings in shares of Corning by 0.8% during the first quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock valued at $1,094,000 after acquiring an additional 64 shares during the period. Finally, Balefire LLC raised its holdings in shares of Corning by 0.7% during the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock valued at $1,305,000 after acquiring an additional 65 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Up 2.5%

NYSE:GLW opened at $106.03 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17. Corning Incorporated has a fifty-two week low of $77.39 and a fifty-two week high of $271.78. The stock’s 50-day moving average is $144.47 and its two-hundred day moving average is $155.55. The stock has a market cap of $91.34 billion, a PE ratio of 42.93, a price-to-earnings-growth ratio of 1.31 and a beta of 1.23.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm’s quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 EPS. As a group, equities research analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 1.1%. Corning’s payout ratio is presently 45.34%.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GLW shares. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Barclays lifted their price objective on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. Bank of America cut their target price on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. The Goldman Sachs Group reissued an “outperform” rating on shares of Corning in a research note on Tuesday, September 15th. Finally, Mizuho reduced their target price on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.