Corning Incorporated (NYSE:GLW) Stake Reduced by Chemung Canal Trust Co.

Chemung Canal Trust Co. cut its holdings in Corning Incorporated (NYSE:GLW) by 12.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 84,942 shares of the electronics maker’s stock after selling 11,600 shares during the quarter. Chemung Canal Trust Co.’s holdings in Corning were worth $3,835,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research firms have issued reports on GLW. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. lifted their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Citigroup lifted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, UBS Group lifted their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Stock Up 0.2 %

Shares of NYSE GLW traded up $0.11 during trading hours on Friday, hitting $44.70. The stock had a trading volume of 372,363 shares, compared to its average volume of 5,791,052. The firm’s 50-day moving average price is $41.77 and its two-hundred day moving average price is $38.27. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market capitalization of $38.25 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 posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 firm 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 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.51%. Corning’s dividend payout ratio (DPR) is currently 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.