Lafayette Investments Inc. Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Lafayette Investments Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 1.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 72,073 shares of the electronics maker’s stock after selling 1,234 shares during the quarter. Lafayette Investments Inc.’s holdings in Corning were worth $3,254,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Access Investment Management LLC purchased a new stake in shares of Corning during the first quarter valued at approximately $28,000. City Holding Co. raised its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Register Financial Advisors LLC purchased a new stake in Corning during the 1st quarter valued at $33,000. Future Financial Wealth Managment LLC bought a new stake in Corning in the 1st quarter worth $33,000. Finally, ESL Trust Services LLC purchased a new position in shares of Corning in the first quarter valued at about $33,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GLW. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning Stock Performance

Shares of NYSE GLW traded up $0.23 during midday trading on Thursday, hitting $47.12. 151,166 shares of the company’s stock traded hands, compared to its average volume of 5,689,481. Corning Incorporated has a 1 year low of $26.37 and a 1 year high of $47.72. The firm has a fifty day moving average of $43.61 and a 200 day moving average of $39.63. The stock has a market capitalization of $40.32 billion, a price-to-earnings ratio of 93.78, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the business earned $0.45 earnings per share. The business’s revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 224.00%.

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.