US Bancorp DE trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 5.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 439,676 shares of the electronics maker's stock after selling 27,673 shares during the quarter. US Bancorp DE owned about 0.05% of Corning worth $19,851,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Diversified Trust Co grew its stake in Corning by 10.8% in the 1st quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker's stock valued at $404,000 after buying an additional 1,191 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Corning by 2.1% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker's stock worth $69,109,000 after purchasing an additional 42,832 shares during the period. First Trust Direct Indexing L.P. boosted its stake in Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker's stock valued at $303,000 after purchasing an additional 361 shares during the period. Van ECK Associates Corp grew its holdings in Corning by 34.9% in the 1st quarter. Van ECK Associates Corp now owns 164,143 shares of the electronics maker's stock valued at $5,410,000 after buying an additional 42,481 shares in the last quarter. Finally, Norden Group LLC boosted its position in shares of Corning by 91.9% in the first quarter. Norden Group LLC now owns 17,449 shares of the electronics maker's stock valued at $575,000 after acquiring an additional 8,357 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have weighed in on the stock. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, July 12th. 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. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday. Mizuho raised Corning from a "neutral" rating to an "outperform" rating and lifted their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $50.08.
View Our Latest Research Report on Corning
Shares of GLW stock opened at $48.36 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $41.38 billion, a P/E ratio of 284.47, a P/E/G ratio of 1.52 and a beta of 1.03. Corning Incorporated has a twelve month low of $26.71 and a twelve month high of $51.03. The stock's fifty day simple moving average is $44.52 and its 200 day simple moving average is $40.33.
Corning (NYSE:GLW - Get Free Report) last issued 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. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business earned $0.45 EPS. The firm's quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning's payout ratio is 658.82%.
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.
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