Corning Incorporated (NYSE:GLW) Shares Purchased by Global Trust Asset Management LLC

Global Trust Asset Management LLC lifted its position in Corning Incorporated (NYSE:GLW) by 2,250.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 940 shares of the electronics maker’s stock after acquiring an additional 900 shares during the period. Global Trust Asset Management LLC’s holdings in Corning were worth $42,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its position in shares of Corning by 94.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,138,894 shares of the electronics maker’s stock valued at $51,421,000 after acquiring an additional 554,474 shares during the period. IFM Investors Pty Ltd increased its position in shares of Corning by 1.1% in the 3rd quarter. IFM Investors Pty Ltd now owns 164,148 shares of the electronics maker’s stock valued at $7,411,000 after acquiring an additional 1,848 shares during the period. Grimes & Company Inc. acquired a new position in shares of Corning in the 3rd quarter valued at $267,000. CENTRAL TRUST Co grew its position in Corning by 29.9% during the 3rd quarter. CENTRAL TRUST Co now owns 7,716 shares of the electronics maker’s stock worth $348,000 after purchasing an additional 1,775 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Corning during the 3rd quarter worth about $269,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 1.2 %

Shares of Corning stock opened at $46.25 on Friday. The firm has a market capitalization of $39.62 billion, a PE ratio of 65.14, a P/E/G ratio of 1.77 and a beta of 1.04. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72. The firm’s 50-day moving average price is $43.74 and its 200 day moving average price is $39.68. The company has a current ratio of 1.57, a quick ratio of 0.98 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the company posted $0.45 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.91 EPS 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 paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GLW shares. Argus increased their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. increased their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Oppenheimer increased their price target on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Company 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.