Corning Incorporated (NYSE:GLW) Stake Trimmed by Burns J W & Co. Inc. NY

Burns J W & Co. Inc. NY lowered its stake in Corning Incorporated (NYSE:GLW) by 1.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,260 shares of the electronics maker’s stock after selling 240 shares during the quarter. Burns J W & Co. Inc. NY’s holdings in Corning were worth $599,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Quent Capital LLC grew its stake in Corning by 64.9% during the 3rd quarter. Quent Capital LLC now owns 1,936 shares of the electronics maker’s stock valued at $87,000 after acquiring an additional 762 shares in the last quarter. Goelzer Investment Management Inc. purchased a new position in Corning during the 3rd quarter valued at about $2,961,000. Farmers Trust Co. purchased a new position in Corning during the 3rd quarter valued at about $205,000. Silvia Mccoll Wealth Management LLC purchased a new position in Corning during the 3rd quarter valued at about $212,000. Finally, Czech National Bank lifted its holdings in shares of Corning by 6.8% during the 3rd quarter. Czech National Bank now owns 156,883 shares of the electronics maker’s stock valued at $7,083,000 after buying an additional 9,970 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price target on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, June 17th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.00.

Corning Stock Performance

Shares of GLW stock traded up $0.29 during trading hours on Friday, reaching $44.88. 2,369,989 shares of the company’s stock were exchanged, compared to its average volume of 5,801,446. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The stock has a market capitalization of $38.45 billion, a P/E ratio of 63.21, a P/E/G ratio of 1.73 and a beta of 1.04. The business has a fifty day moving average price of $41.81 and a 200-day moving average price of $38.36. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.50%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.