Radnor Capital Management LLC Invests $1.88 Million in Corning Incorporated (NYSE:GLW)

Radnor Capital Management LLC acquired a new position in shares of Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 41,635 shares of the electronics maker’s stock, valued at approximately $1,880,000.

Several other large investors also recently added to or reduced their stakes in the stock. MBB Public Markets I LLC grew its stake in shares of Corning by 806.7% during 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 buying an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Corning in the 2nd quarter valued at $511,000. Raymond James & Associates increased its position in shares of Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares during the period. Empowered Funds LLC increased its position in shares of Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after acquiring an additional 5,081 shares during the period. Finally, Wealthspire Advisors LLC acquired a new stake in Corning during the 1st quarter worth about $206,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 0.5 %

NYSE GLW opened at $47.27 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $40.47 billion, a PE ratio of 278.06, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a one year low of $26.94 and a one year high of $51.03. The firm’s fifty day moving average is $44.71 and its two-hundred day moving average is $40.69.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. Analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Corning’s dividend payout ratio is presently 658.82%.

Analyst Ratings Changes

GLW has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Barclays raised their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning 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.