Corning Incorporated (NYSE:GLW) Stock Position Lifted by Whittier Trust Co.

Whittier Trust Co. raised its stake in shares of Corning Incorporated (NYSE:GLW) by 4.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,603 shares of the electronics maker’s stock after buying an additional 863 shares during the period. Whittier Trust Co.’s holdings in Corning were worth $885,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GLW. MBB Public Markets I LLC boosted its position in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Corning in the 1st quarter valued at approximately $653,000. Dark Forest Capital Management LP acquired a new position in Corning in the second quarter worth approximately $511,000. Financial Counselors Inc. raised its position in Corning by 40.9% during the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after acquiring an additional 90,836 shares in the last quarter. Finally, Raymond James & Associates lifted its stake in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Down 0.9 %

Corning stock opened at $46.89 on Thursday. The business has a 50 day moving average price of $43.61 and a two-hundred day moving average price of $39.63. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $47.72. The stock has a market cap of $40.17 billion, a price-to-earnings ratio of 66.04, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business earned $0.45 earnings per share. As a group, equities analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.39%. Corning’s payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

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

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.