Centaurus Financial Inc. Invests $514,000 in Corning Incorporated (NYSE:GLW)

Centaurus Financial Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,374 shares of the electronics maker’s stock, valued at approximately $514,000.

Other large investors have also added to or reduced their stakes in the company. City Holding Co. lifted its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Accordant Advisory Group Inc bought a new position in Corning in the 2nd quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the 3rd quarter valued at $39,000. Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning in the third quarter worth $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’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. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Down 0.5 %

GLW stock opened at $48.00 on Wednesday. The business’s 50-day moving average price is $46.53 and its 200-day moving average price is $42.28. The stock has a market cap of $41.10 billion, a P/E ratio of 282.35, a PEG ratio of 1.55 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 twelve month low of $27.57 and a twelve month high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for 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 company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 earnings per share. On average, equities research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. Corning’s dividend payout ratio is presently 658.82%.

Corning Company 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.