Court Place Advisors LLC Has $610,000 Holdings in Corning Incorporated (NYSE:GLW)

Court Place Advisors LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 11.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,500 shares of the electronics maker’s stock after selling 1,700 shares during the quarter. Court Place Advisors LLC’s holdings in Corning were worth $610,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Access Investment Management LLC purchased a new position in shares of Corning during the 1st quarter valued at $28,000. 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 worth $32,000 after acquiring an additional 600 shares in the last quarter. Register Financial Advisors LLC acquired a new position in shares of Corning during the 1st quarter worth $33,000. Future Financial Wealth Managment LLC bought a new position in shares of Corning during the 1st quarter valued at $33,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Corning in the 1st quarter valued at $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of several recent research reports. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. UBS Group boosted their price objective on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Finally, Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Price Performance

GLW stock traded down $0.07 during trading on Friday, hitting $46.74. The company had a trading volume of 394,484 shares, compared to its average volume of 5,674,304. The company has a fifty day moving average price of $43.61 and a two-hundred day moving average price of $39.63. Corning Incorporated has a fifty-two week low of $26.37 and a fifty-two week high of $47.72. The company has a market cap of $40.04 billion, a P/E ratio of 65.93, a P/E/G ratio of 1.77 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 157.75%.

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.