LifePlan Financial LLC Sells 428 Shares of Corning Incorporated (NYSE:GLW)

LifePlan Financial LLC reduced its position in Corning Incorporated (NYSE:GLW) by 3.5% in the 3rd quarter, Holdings Channel reports. The firm owned 11,952 shares of the electronics maker’s stock after selling 428 shares during the quarter. LifePlan Financial LLC’s holdings in Corning were worth $540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Farmers Trust Co. bought a new position in shares of Corning during the 3rd quarter worth about $205,000. Silvia Mccoll Wealth Management LLC acquired a new position in Corning in the third quarter worth about $212,000. Czech National Bank raised its position in Corning by 6.8% in the third quarter. Czech National Bank now owns 156,883 shares of the electronics maker’s stock worth $7,083,000 after purchasing an additional 9,970 shares in the last quarter. Central Pacific Bank Trust Division lifted its stake in Corning by 34.2% during the third quarter. Central Pacific Bank Trust Division now owns 26,839 shares of the electronics maker’s stock worth $1,212,000 after purchasing an additional 6,839 shares during the period. Finally, Armstrong Henry H Associates Inc. acquired a new stake in Corning during the third quarter valued at approximately $201,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $44.59 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a 50 day simple moving average of $41.77 and a 200 day simple moving average of $38.27. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a market cap of $38.16 billion, a P/E ratio of 62.80, a P/E/G ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $3.55 billion. During the same period last year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Sell-side analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.51%. Corning’s payout ratio is presently 157.75%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Wednesday, July 31st. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. JPMorgan Chase & Co. upped their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, Barclays boosted their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.00.

About Corning

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.