Trajan Wealth LLC Trims Stake in Corning Incorporated (NYSE:GLW)

Trajan Wealth LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 114,460 shares of the electronics maker’s stock after selling 4,137 shares during the quarter. 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 also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Corning by 35.1% in 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 acquiring an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Corning by 4.3% in the 2nd 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 during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Corning by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after acquiring an additional 42,832 shares during the period. Natixis increased its holdings in shares of Corning by 2,405.2% in 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 during the period. Finally, Raymond James & Associates increased its holdings in shares of Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE GLW opened at $49.03 on Wednesday. The stock has a 50-day simple moving average of $44.15 and a two-hundred day simple moving average of $40.11. The firm has a market capitalization of $42.00 billion, a P/E ratio of 69.06, a PEG ratio of 1.73 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $26.37 and a fifty-two week high of $51.03. 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 released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. On average, equities analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

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 paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.28%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GLW. UBS Group lifted their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Citigroup raised their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.23.

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.