Truist Financial Corp Trims Holdings in Corning Incorporated (NYSE:GLW)

Truist Financial Corp lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 375,671 shares of the electronics maker’s stock after selling 28,990 shares during the quarter. Truist Financial Corp’s holdings in Corning were worth $14,595,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Wellington Management Group LLP increased its stake in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after buying an additional 426,864 shares during the period. FIL Ltd increased its holdings in shares of Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after buying an additional 105,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GLW. Oppenheimer boosted their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Argus boosted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Barclays upped their price target on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Finally, HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Corning Stock Up 0.7 %

NYSE GLW opened at $44.88 on Friday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The stock has a market cap of $38.40 billion, a PE ratio of 63.21, a PEG ratio of 1.73 and a beta of 1.04. The firm has a 50-day simple moving average of $41.81 and a 200 day simple moving average of $38.36. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.45 EPS. On average, research analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid 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 2.50%. Corning’s dividend payout ratio is 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.