Commerce Bank Sells 1,248 Shares of Corning Incorporated (NYSE:GLW)

Commerce Bank reduced its position in Corning Incorporated (NYSE:GLW) by 1.4% in the third quarter, Holdings Channel.com reports. The fund owned 87,705 shares of the electronics maker’s stock after selling 1,248 shares during the quarter. Commerce Bank’s holdings in Corning were worth $3,960,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. O Shaughnessy Asset Management LLC raised its position in shares of Corning by 21.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock worth $975,000 after buying an additional 5,151 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Corning by 3.1% during the first quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock worth $812,000 after purchasing an additional 743 shares in the last quarter. EP Wealth Advisors LLC increased its position in shares of Corning by 10.0% in the first quarter. EP Wealth Advisors LLC now owns 14,104 shares of the electronics maker’s stock worth $465,000 after purchasing an additional 1,277 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC grew its stake in Corning by 1,470.6% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 1,602 shares of the electronics maker’s stock worth $53,000 after buying an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.4 %

NYSE GLW opened at $48.50 on Friday. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The stock has a market capitalization of $41.52 billion, a PE ratio of 285.26, a PEG ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business’s 50-day moving average is $46.33 and its 200 day moving average is $41.96.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) 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 analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. Sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

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 2.31%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred 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 sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on GLW shares. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their price objective on 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 objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.