Arvest Investments Inc. Has $1.93 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Arvest Investments Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 12.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,644 shares of the electronics maker’s stock after selling 6,045 shares during the period. Arvest Investments Inc.’s holdings in Corning were worth $1,925,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. Envestnet Portfolio Solutions Inc. grew its stake in Corning by 25.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock valued at $752,000 after acquiring an additional 4,588 shares during the period. Empowered Funds LLC increased its stake in Corning by 35.4% during the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after purchasing an additional 5,081 shares in the last quarter. Wealthspire Advisors LLC acquired a new position in Corning during the first quarter worth $206,000. Forsta AP Fonden lifted its stake in shares of Corning by 11.9% in the first quarter. Forsta AP Fonden now owns 175,200 shares of the electronics maker’s stock valued at $5,775,000 after buying an additional 18,600 shares in the last quarter. Finally, QRG Capital Management Inc. grew its holdings in shares of Corning by 7.3% during the first quarter. QRG Capital Management Inc. now owns 44,161 shares of the electronics maker’s stock valued at $1,456,000 after buying an additional 2,991 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Five 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, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

NYSE GLW traded up $0.50 during trading hours on Friday, hitting $48.72. The company had a trading volume of 4,827,795 shares, compared to its average volume of 4,865,367. 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 capitalization of $41.71 billion, a price-to-earnings ratio of 286.59, a PEG ratio of 1.56 and a beta of 1.03. Corning Incorporated has a 52 week low of $26.94 and a 52 week high of $51.03. The firm has a 50 day simple moving average of $45.10 and a 200 day simple moving average of $40.98.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio 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.