Goelzer Investment Management Inc. Purchases Shares of 65,580 Corning Incorporated (NYSE:GLW)

Goelzer Investment Management Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 65,580 shares of the electronics maker’s stock, valued at approximately $2,961,000.

Other large investors also recently modified their holdings of the company. Bridgefront Capital LLC purchased a new position in Corning during the 4th quarter valued at approximately $813,000. MBB Public Markets I LLC grew its holdings in shares of Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Wahed Invest LLC increased its position in Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares during the last quarter. Belpointe Asset Management LLC raised its stake in Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its position in Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of a number of research analyst reports. Barclays raised their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, July 31st. Bank of America upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Argus lifted their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $47.00.

Corning Stock Performance

Shares of GLW stock opened at $44.88 on Friday. The firm has a market cap of $38.45 billion, a price-to-earnings ratio of 63.21, a PEG ratio of 1.73 and a beta of 1.04. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company’s 50 day moving average is $41.81 and its 200 day moving average is $38.40.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business posted $0.45 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 157.75%.

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.