Axxcess Wealth Management LLC Invests $443,000 in Corning Incorporated (NYSE:GLW)

Axxcess Wealth Management LLC bought a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 9,811 shares of the electronics maker’s stock, valued at approximately $443,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. City Holding Co. lifted its stake in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. ESL Trust Services LLC bought a new position in shares of Corning in the 1st quarter worth $33,000. Accordant Advisory Group Inc bought a new position in Corning during the 2nd quarter valued at $39,000. Global Trust Asset Management LLC lifted its holdings in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in Corning during the third quarter valued at $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Price Performance

NYSE:GLW opened at $47.21 on Thursday. The stock has a 50 day moving average of $45.39 and a two-hundred day moving average of $41.29. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $40.42 billion, a P/E ratio of 277.71, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 EPS. On average, analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business 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 annualized dividend and a yield of 2.37%. Corning’s dividend payout ratio (DPR) is 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.