Aspen Investment Management Inc Purchases New Holdings in Corning Incorporated (GLW)

Aspen Investment Management Inc acquired a new stake in Corning Incorporated (NYSE:GLW) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,997 shares of the electronics maker’s stock, valued at approximately $247,000.

Other large investors also recently bought and sold shares of the company. TRUE Private Wealth Advisors bought a new stake in shares of Corning in the 3rd quarter valued at approximately $100,000. Trustcore Financial Services LLC lifted its stake in shares of Corning by 233.3% in the 3rd quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock valued at $106,000 after purchasing an additional 2,100 shares during the last quarter. NEXT Financial Group Inc bought a new stake in shares of Corning in the 3rd quarter valued at approximately $117,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Corning by 16,371.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after purchasing an additional 4,584 shares during the last quarter. Finally, City Holding Co. bought a new stake in shares of Corning in the 2nd quarter valued at approximately $137,000. 70.22% of the stock is owned by institutional investors and hedge funds.

GLW has been the subject of several analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $41.00 price objective on shares of Corning in a research note on Tuesday, October 23rd. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Monday, October 22nd. Citigroup raised Corning from a “neutral” rating to a “buy” rating and raised their price objective for the company from $32.50 to $40.00 in a research note on Friday, September 14th. Finally, UBS Group set a $33.00 price objective on Corning and gave the company a “hold” rating in a research note on Tuesday, October 23rd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $36.00.

In related news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the completion of the sale, the insider now directly owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christine M. Pambianchi sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $33.42, for a total value of $334,200.00. Following the transaction, the vice president now owns 50,403 shares in the company, valued at $1,684,468.26. The disclosure for this sale can be found here. Insiders have sold a total of 46,247 shares of company stock valued at $1,625,104 over the last three months. 0.46% of the stock is owned by corporate insiders.

Shares of GLW stock opened at $31.17 on Monday. Corning Incorporated has a 52-week low of $26.11 and a 52-week high of $36.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. The company has a market cap of $24.95 billion, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 2.01 and a beta of 1.28.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same period last year, the company earned $0.40 EPS. Corning’s quarterly revenue was up 15.4% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.77 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio is currently 41.86%.

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About Corning

Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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