6,062 Shares of Corning Incorporated $GLW Acquired by Syntax Research Inc.

Syntax Research Inc. acquired a new stake in shares of Corning Incorporated (NYSE:GLW) in the third quarter, HoldingsChannel reports. The firm acquired 6,062 shares of the electronics maker’s stock, valued at approximately $932,000. Corning accounts for approximately 0.7% of Syntax Research Inc.’s holdings, making the stock its 18th biggest holding.

Several other large investors have also recently made changes to their positions in the company. Herbst Group LLC bought a new position in Corning during the second quarter valued at $4,474,000. Principal Financial Group Inc. grew its stake in shares of Corning by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker’s stock worth $121,483,000 after buying an additional 10,591 shares in the last quarter. Wealthfront Advisers LLC increased its holdings in shares of Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker’s stock worth $12,567,000 after buying an additional 24,589 shares during the last quarter. Silverlake Wealth Management LLC bought a new stake in shares of Corning in the 2nd quarter worth about $1,872,000. Finally, Atlas Wealth LLC increased its holdings in shares of Corning by 137.8% in the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker’s stock worth $1,642,000 after buying an additional 6,998 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Sanford C. Bernstein decreased their target price on shares of Corning from $140.00 to $120.00 and set a “market perform” rating on the stock in a research report on Monday. Oppenheimer dropped their price target on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Barclays boosted their price objective on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. Bank of America decreased their price objective on Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Finally, Morgan Stanley lowered their price objective on Corning from $165.00 to $155.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $174.56.

Insiders Place Their Bets

In related news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is owned by company insiders.

Corning Trading Up 9.4%

GLW stock opened at $116.08 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78. The stock has a market capitalization of $99.99 billion, a price-to-earnings ratio of 46.99, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. The firm’s fifty day simple moving average is $143.82 and its two-hundred day simple moving average is $155.67.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The business’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio is presently 45.34%.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.