Simmons Bank Sells 451 Shares of Corning Incorporated (NYSE:GLW)

Simmons Bank decreased its position in Corning Incorporated (NYSE:GLW) by 5.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,500 shares of the electronics maker’s stock after selling 451 shares during the quarter. Simmons Bank’s holdings in Corning were worth $339,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. City Holding Co. lifted its holdings in shares of Corning by 545.5% during 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 last quarter. ESL Trust Services LLC purchased a new position in Corning in the first quarter worth about $33,000. Accordant Advisory Group Inc purchased a new stake in shares of Corning during the second quarter valued at approximately $39,000. Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in Corning in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW opened at $47.21 on Thursday. The stock has a market capitalization of $40.42 billion, a P/E ratio of 277.71, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $45.39 and a two-hundred day simple moving average of $41.29.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. Corning’s dividend payout ratio is 658.82%.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.08.

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.