CENTRAL TRUST Co Boosts Stake in Corning Incorporated (NYSE:GLW)

CENTRAL TRUST Co boosted its holdings in Corning Incorporated (NYSE:GLW) by 29.9% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,716 shares of the electronics maker’s stock after acquiring an additional 1,775 shares during the quarter. CENTRAL TRUST Co’s holdings in Corning were worth $348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GLW. Park Avenue Securities LLC purchased a new stake in Corning in the first quarter valued at approximately $252,000. Register Financial Advisors LLC purchased a new stake in shares of Corning during the 1st quarter valued at $33,000. LVW Advisors LLC lifted its holdings in shares of Corning by 20.6% during the 1st quarter. LVW Advisors LLC now owns 9,385 shares of the electronics maker’s stock worth $309,000 after acquiring an additional 1,600 shares during the last quarter. Aviance Capital Partners LLC grew its position in Corning by 7.3% in the first quarter. Aviance Capital Partners LLC now owns 25,878 shares of the electronics maker’s stock worth $853,000 after acquiring an additional 1,760 shares in the last quarter. Finally, Diversified Trust Co increased its stake in Corning by 10.8% in the first quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker’s stock valued at $404,000 after acquiring an additional 1,191 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research analyst reports. Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Mizuho upgraded shares of 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. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Stock Down 1.2 %

Shares of NYSE:GLW opened at $46.25 on Friday. The stock’s 50-day moving average is $43.86 and its 200 day moving average is $39.78. The company has a market cap of $39.62 billion, a PE ratio of 65.14, a P/E/G ratio of 1.77 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a 1 year low of $26.37 and a 1 year high of $47.72.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 return on equity of 12.69% and a net margin of 3.53%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. Sell-side analysts anticipate that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 2.42%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.