Corning Incorporated (NYSE:GLW) Shares Sold by Phillips Wealth Planners LLC

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

Other institutional investors also recently bought and sold shares of the company. City Holding Co. increased its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. ESL Trust Services LLC purchased a new position in Corning in the first quarter valued at about $33,000. Accordant Advisory Group Inc acquired a new stake in shares of Corning during the 2nd quarter valued at approximately $39,000. Global Trust Asset Management LLC boosted its stake in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning in the 3rd quarter worth approximately $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Performance

NYSE GLW opened at $48.36 on Friday. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $41.38 billion, a PE ratio of 284.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. The business’s 50-day moving average price is $44.52 and its 200 day moving average price is $40.33. Corning Incorporated has a twelve month low of $26.71 and a twelve month high of $51.03.

Corning (NYSE:GLW) last released its earnings results 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 net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the company earned $0.45 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced 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 dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

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.