Zions Bancorporation N.A. Trims Position in Corning Incorporated (NYSE:GLW)

Zions Bancorporation N.A. lowered its holdings in Corning Incorporated (NYSE:GLW) by 17.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,093 shares of the electronics maker’s stock after selling 1,043 shares during the period. Zions Bancorporation N.A.’s holdings in Corning were worth $230,000 as of its most recent SEC filing.

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

Corning Stock Down 0.6 %

Shares of Corning stock opened at $46.49 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average price of $45.63 and a 200 day moving average price of $41.37. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The firm has a market cap of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last released 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 firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.41%. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Ratings Changes

Several brokerages recently weighed in on GLW. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Deutsche Bank Aktiengesellschaft increased their target price 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. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Corning 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.