O Keefe Stevens Advisory Inc. Raises Holdings in Corning Incorporated (NYSE:GLW)

O Keefe Stevens Advisory Inc. increased its position in shares of Corning Incorporated (NYSE:GLW) by 0.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 308,615 shares of the electronics maker’s stock after buying an additional 1,145 shares during the quarter. Corning accounts for about 4.2% of O Keefe Stevens Advisory Inc.’s portfolio, making the stock its 7th biggest holding. O Keefe Stevens Advisory Inc.’s holdings in Corning were worth $13,934,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Access Investment Management LLC bought a new stake in Corning during the first quarter worth about $28,000. Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 1st quarter worth approximately $33,000. Register Financial Advisors LLC bought a new stake in shares of Corning during the 1st quarter worth approximately $33,000. ESL Trust Services LLC acquired a new stake in shares of Corning in the 1st quarter valued at approximately $33,000. Finally, Riverview Trust Co bought a new position in shares of Corning in the first quarter valued at $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. Susquehanna raised 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. Barclays raised their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, June 17th. Finally, Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Corning Stock Performance

Shares of NYSE:GLW opened at $44.59 on Wednesday. The company’s 50 day moving average price is $41.84 and its two-hundred day moving average price is $38.51. Corning Incorporated has a 12-month low of $25.26 and a 12-month 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 firm has a market cap of $38.20 billion, a PE ratio of 62.80, a PEG ratio of 1.73 and a beta of 1.04.

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

Corning Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.51%. Corning’s dividend payout ratio is currently 157.75%.

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.