Stiles Financial Services Inc Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Stiles Financial Services Inc cut its holdings in Corning Incorporated (NYSE:GLW) by 13.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,607 shares of the electronics maker’s stock after selling 3,676 shares during the quarter. Stiles Financial Services Inc’s holdings in Corning were worth $1,111,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. City Holding Co. boosted its position in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Global Trust Asset Management LLC boosted its position in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares in the last quarter. ESL Trust Services LLC purchased a new position in Corning during the first quarter worth approximately $33,000. Accordant Advisory Group Inc purchased a new position in Corning during the second quarter worth approximately $39,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Corning during the third quarter worth approximately $45,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Down 0.2 %

Corning stock opened at $48.14 on Friday. The stock has a market capitalization of $41.22 billion, a price-to-earnings ratio of 283.68, a PEG ratio of 1.54 and a beta of 1.03. The stock has a 50 day moving average of $44.83 and a two-hundred day moving average of $40.75. Corning Incorporated has a twelve month low of $26.94 and a twelve month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.45 EPS. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed 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. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

About Corning

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.