Summit Trail Advisors LLC Acquires 1,208 Shares of Corning Incorporated (NYSE:GLW)

Summit Trail Advisors LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,368 shares of the electronics maker’s stock after purchasing an additional 1,208 shares during the quarter. Summit Trail Advisors LLC’s holdings in Corning were worth $649,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. City Holding Co. lifted 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 worth $32,000 after buying an additional 600 shares in the last quarter. Accordant Advisory Group Inc purchased a new stake in Corning in the 2nd quarter worth $39,000. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the 3rd quarter valued at about $39,000. Global Trust Asset Management LLC grew its position in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the third quarter worth about $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.45% of the company’s stock.

Corning Trading Down 0.5 %

Shares of NYSE GLW opened at $48.29 on Tuesday. The business’s 50 day moving average price is $46.43 and its 200-day moving average price is $42.18. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a market cap of $41.35 billion, a price-to-earnings ratio of 284.06, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share 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 the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 1.95 earnings per share 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 given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Ratings Changes

GLW has been the subject of several research analyst reports. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.