6,798 Corning Incorporated $GLW Shares Acquired by RFG Holdings Inc.

RFG Holdings Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 428.9% in the third quarter, HoldingsChannel reports. The firm owned 8,383 shares of the electronics maker’s stock after buying an additional 6,798 shares during the quarter. RFG Holdings Inc.’s holdings in Corning were worth $1,289,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GLW. Western Pacific Wealth Management LP purchased a new stake in shares of Corning in the third quarter worth about $25,000. Kings Path Partners LLC bought a new position in Corning during the third quarter valued at approximately $25,000. Atwood & Palmer Inc. bought a new position in Corning during the second quarter valued at approximately $26,000. Rogco LP bought a new position in Corning during the second quarter valued at approximately $27,000. Finally, Toth Financial Advisory Corp grew its holdings in Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on GLW. UBS Group reduced their price objective on Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Zacks Research upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 28th. Barclays increased their target price on Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 28th. Mizuho cut their target price on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. Finally, Truist Financial restated a “buy” rating and issued a $175.00 price target (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $175.81.

Corning Stock Up 2.3%

Shares of NYSE GLW opened at $126.05 on Wednesday. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. Corning Incorporated has a 12-month low of $77.39 and a 12-month high of $271.78. The firm’s 50-day moving average price is $146.97 and its 200-day moving average price is $155.31. The stock has a market capitalization of $108.58 billion, a price-to-earnings ratio of 51.03, a P/E/G ratio of 1.52 and a beta of 1.23.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. During the same quarter last year, the business posted $0.67 earnings per share. The firm’s revenue was up 18.9% on a year-over-year basis. On average, equities research analysts anticipate that Corning Incorporated will post 3.37 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. Corning’s dividend payout ratio is 45.34%.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.