Phillips Wealth Planners LLC Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

Phillips Wealth Planners LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 11.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,269 shares of the electronics maker’s stock after selling 1,193 shares during the period. Phillips Wealth Planners LLC’s holdings in Corning were worth $426,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its position 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 during the period. Dimensional Fund Advisors LP grew its position in Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after purchasing an additional 42,832 shares during the last quarter. Natixis increased its holdings in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates grew its position in shares of Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE GLW opened at $48.36 on Friday. Corning Incorporated has a 52-week low of $26.71 and a 52-week high of $51.03. The stock has a market capitalization of $41.38 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. 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 stock’s fifty day simple moving average is $44.52 and its 200 day simple moving average is $40.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company earned $0.45 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GLW. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. JPMorgan Chase & Co. raised their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday. Finally, Argus upped their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Corning currently 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.