Corning Incorporated (NYSE:GLW) is Randolph Co Inc’s 8th Largest Position

Randolph Co Inc lowered its position in shares of Corning Incorporated (NYSE:GLW) by 0.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 775,033 shares of the electronics maker’s stock after selling 317 shares during the period. Corning makes up approximately 4.1% of Randolph Co Inc’s portfolio, making the stock its 8th largest position. Randolph Co Inc owned about 0.09% of Corning worth $34,993,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GLW. Access Investment Management LLC purchased a new position in Corning during the first quarter worth about $28,000. City Holding Co. raised its stake 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 acquiring an additional 600 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the 1st quarter worth approximately $33,000. Register Financial Advisors LLC acquired a new stake in Corning in the 1st quarter valued at approximately $33,000. Finally, ESL Trust Services LLC purchased a new stake in Corning in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GLW shares. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday, July 9th. UBS Group boosted their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Oppenheimer raised their price target on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.23.

Corning Stock Up 1.1 %

Corning stock opened at $46.52 on Friday. The stock’s fifty day moving average is $42.99 and its two-hundred day moving average is $39.18. The stock has a market cap of $39.85 billion, a PE ratio of 65.52, a P/E/G ratio of 1.75 and a beta of 1.04. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.45 EPS. On average, sell-side analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

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.