Raymond James & Associates Sells 141,605 Shares of Corning Incorporated (NYSE:GLW)

Raymond James & Associates lowered its position in shares of Corning Incorporated (NYSE:GLW) by 8.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,522,935 shares of the electronics maker’s stock after selling 141,605 shares during the quarter. Raymond James & Associates owned about 0.18% of Corning worth $68,760,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. City Holding Co. boosted its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Access Investment Management LLC bought a new position in Corning during the first quarter worth $28,000. Future Financial Wealth Managment LLC acquired a new stake in Corning in the first quarter worth $33,000. Register Financial Advisors LLC bought a new stake in Corning in the first quarter valued at $33,000. Finally, ESL Trust Services LLC acquired a new position in shares of Corning during the first quarter valued at about $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on GLW shares. Barclays raised their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upped their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning Trading Up 0.8 %

NYSE:GLW opened at $47.03 on Tuesday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $47.45. The firm has a 50-day moving average price of $43.31 and a two-hundred day moving average price of $39.47. 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 firm has a market cap of $40.29 billion, a price-to-earnings ratio of 66.24, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating 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 return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the business posted $0.45 earnings per share. On average, equities analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued 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 2.38%. 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.