Corning Incorporated (NYSE:GLW) Shares Bought by Patten Group Inc.

Patten Group Inc. raised its position in Corning Incorporated (NYSE:GLW) by 2.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 48,226 shares of the electronics maker’s stock after buying an additional 1,067 shares during the quarter. Patten Group Inc.’s holdings in Corning were worth $1,375,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new position in Corning in the 3rd quarter valued at about $444,000. John G Ullman & Associates Inc. increased its position in Corning by 8.5% during the 3rd quarter. John G Ullman & Associates Inc. now owns 848,915 shares of the electronics maker’s stock worth $24,210,000 after purchasing an additional 66,405 shares in the last quarter. Horan Securities Inc. acquired a new stake in Corning in the third quarter valued at approximately $29,000. Valicenti Advisory Services Inc. grew its position in Corning by 1.9% in the third quarter. Valicenti Advisory Services Inc. now owns 185,906 shares of the electronics maker’s stock valued at $5,302,000 after acquiring an additional 3,537 shares in the last quarter. Finally, Sicart Associates LLC grew its position in Corning by 11.7% in the third quarter. Sicart Associates LLC now owns 114,775 shares of the electronics maker’s stock valued at $3,273,000 after acquiring an additional 12,000 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

In related news, insider Clark S. Kinlin sold 9,667 shares of Corning stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the transaction, the insider now directly owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.46% of the stock is owned by insiders.

Several equities analysts have recently commented on the company. UBS Group reduced their target price on Corning from $33.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 target price on the stock in a research note on Friday, September 6th. Bank of America cut their target price on Corning from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. S&P Equity Research cut Corning from a “positive” rating to a “neutral” rating and cut their target price for the company from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. Finally, ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $33.67.

Shares of GLW traded up $0.17 during trading hours on Tuesday, reaching $30.08. 105,556 shares of the company’s stock traded hands, compared to its average volume of 4,691,838. The firm has a market capitalization of $22.90 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 1.89 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. Corning Incorporated has a twelve month low of $26.75 and a twelve month high of $35.34. The business’s fifty day simple moving average is $28.49 and its two-hundred day simple moving average is $30.73.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. Corning’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 earnings per share. On average, equities research analysts expect that Corning Incorporated will post 1.71 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Thursday, November 14th. Corning’s payout ratio is currently 44.94%.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

See Also: Capital Gains Distribution

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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