Brooklyn Investment Group Invests $76,000 in Corning Incorporated (NYSE:GLW)

Brooklyn Investment Group acquired a new stake in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 1,682 shares of the electronics maker’s stock, valued at approximately $76,000.

A number of other large investors have also bought and sold shares of the business. West Oak Capital LLC increased its position in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after purchasing an additional 232 shares in the last quarter. SteelPeak Wealth LLC raised its stake in shares of Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust raised its stake in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. lifted its holdings in shares of Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 0.5 %

Shares of Corning stock opened at $48.22 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a fifty day simple moving average of $46.70 and a two-hundred day simple moving average of $42.36. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The company has a market capitalization of $41.29 billion, a price-to-earnings ratio of 283.65, a P/E/G ratio of 1.54 and a beta of 1.03.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s payout ratio is currently 658.82%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Barclays increased their target price 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. Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, JPMorgan Chase & Co. increased their price objective 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. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.