Corning Incorporated (NYSE:GLW) Position Boosted by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB lifted its stake in Corning Incorporated (NYSE:GLW - Free Report) by 3.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 365,612 shares of the electronics maker's stock after buying an additional 10,689 shares during the period. Wilmington Savings Fund Society FSB's holdings in Corning were worth $16,507,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of GLW. City Holding Co. grew its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the third quarter valued at $39,000. RPg Family Wealth Advisory LLC acquired a new stake in Corning during the 3rd quarter valued at $40,000. Global Trust Asset Management LLC increased its stake 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 during the period. Finally, Venturi Wealth Management LLC lifted its holdings in Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker's stock worth $45,000 after buying an additional 473 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

GLW traded up $0.98 during trading on Thursday, reaching $48.61. 4,647,702 shares of the company were exchanged, compared to its average volume of 5,560,750. Corning Incorporated has a 52 week low of $29.14 and a 52 week high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $47.42 and a 200 day moving average of $43.24. The stock has a market cap of $41.62 billion, a P/E ratio of 285.94, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Corning's dividend payout ratio is presently 658.82%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GLW shares. Mizuho raised Corning from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Oppenheimer restated an "outperform" rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays upped their target price on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Finally, UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.08.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company's stock.

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.