Corning Incorporated (NYSE:GLW) Position Cut by Zions Bancorporation N.A.

Zions Bancorporation N.A. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 17.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,093 shares of the electronics maker’s stock after selling 1,043 shares during the quarter. Zions Bancorporation N.A.’s holdings in Corning were worth $230,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Corning by 35.1% during the 1st 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 holdings in Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Corning by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after acquiring an additional 10,311 shares during the period. Natixis raised its stake in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.6 %

Shares of GLW opened at $46.49 on Friday. The stock has a fifty day moving average price of $45.63 and a two-hundred day moving average price of $41.37. The company has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a PEG ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business 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 firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. Corning’s dividend payout ratio is currently 658.82%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GLW. Barclays upped their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.