Smithfield Trust Co Purchases 1,185 Shares of Corning Incorporated (NYSE:GLW)

Smithfield Trust Co boosted its position in shares of Corning Incorporated (NYSE:GLW) by 20.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,002 shares of the electronics maker’s stock after purchasing an additional 1,185 shares during the quarter. Smithfield Trust Co’s holdings in Corning were worth $317,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. City Holding Co. increased 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 acquiring an additional 600 shares in the last quarter. Accordant Advisory Group Inc bought a new stake in Corning during the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC bought a new stake in Corning during the 3rd quarter worth approximately $39,000. Global Trust Asset Management LLC raised its holdings in 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 period. Finally, Future Financial Wealth Managment LLC bought a new position in Corning in the third quarter valued at approximately $45,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GLW. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Up 1.3 %

Shares of GLW stock opened at $47.97 on Friday. Corning Incorporated has a 52-week low of $27.57 and a 52-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 stock has a market cap of $41.07 billion, a price-to-earnings ratio of 282.15, a PEG ratio of 1.51 and a beta of 1.03. The firm’s 50-day moving average is $46.21 and its 200-day moving average is $41.86.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company 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 business’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.45 earnings per share. Sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

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.