Corning Incorporated (NYSE:GLW) Shares Sold by Central Bank & Trust Co.

Central Bank & Trust Co. cut its stake in Corning Incorporated (NYSE:GLW) by 10.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,019 shares of the electronics maker’s stock after selling 1,102 shares during the quarter. Central Bank & Trust Co.’s holdings in Corning were worth $407,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of GLW. City Holding Co. grew its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the last quarter. ESL Trust Services LLC purchased a new stake in shares of Corning during the 1st quarter valued at approximately $33,000. Accordant Advisory Group Inc purchased a new stake in shares of Corning during the 2nd quarter valued at approximately $39,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Corning in the third quarter worth approximately $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $47.02 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a fifty-two week low of $26.94 and a fifty-two week high of $51.03. The firm has a 50-day simple moving average of $44.62 and a 200-day simple moving average of $40.58. The company has a market capitalization of $40.24 billion, a price-to-earnings ratio of 276.59, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm 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. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GLW shares. 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 report on Friday, September 20th. UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Argus increased their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.08.

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.