Trajan Wealth LLC Cuts Position in Corning Incorporated (NYSE:GLW)

Trajan Wealth LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 3.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 114,460 shares of the electronics maker’s stock after selling 4,137 shares during the period. Trajan Wealth LLC’s holdings in Corning were worth $5,168,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MBB Public Markets I LLC increased its stake in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in Corning during the 1st quarter worth approximately $653,000. Dark Forest Capital Management LP purchased a new stake in Corning during the 2nd quarter worth approximately $511,000. Financial Counselors Inc. boosted its holdings in shares of Corning by 40.9% during the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock worth $10,316,000 after purchasing an additional 90,836 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after purchasing an additional 42,818 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 4.7 %

NYSE:GLW opened at $49.03 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock’s fifty day moving average is $44.15 and its two-hundred day moving average is $40.11. Corning Incorporated has a 52 week low of $26.37 and a 52 week high of $51.03. The stock has a market capitalization of $42.00 billion, a price-to-earnings ratio of 69.06, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. Research analysts anticipate that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 yield of 2.28%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 157.75%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GLW shares. Oppenheimer boosted their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. UBS Group boosted their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. Argus boosted their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $46.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.23.

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.