Corning Incorporated (NYSE:GLW) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its position in Corning Incorporated (NYSE:GLW) by 0.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 624,544 shares of the electronics maker’s stock after buying an additional 5,506 shares during the quarter. PNC Financial Services Group Inc. owned 0.07% of Corning worth $28,198,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. City Holding Co. increased its stake in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the period. Accordant Advisory Group Inc acquired a new position in shares of Corning in the second quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC purchased a new stake in Corning during the 3rd quarter worth approximately $39,000. Global Trust Asset Management LLC lifted its holdings in 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 buying an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in Corning in the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $47.35 on Thursday. 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 one year low of $27.57 and a one year high of $51.03. The company has a 50-day simple moving average of $46.08 and a 200-day simple moving average of $41.81. The stock has a market capitalization of $40.54 billion, a price-to-earnings ratio of 278.53, a PEG ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company 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 revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. On average, analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. Corning’s payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GLW shares. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Barclays lifted 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. Finally, Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.