Summit Trail Advisors LLC Increases Stock Position in Corning Incorporated (NYSE:GLW)

Summit Trail Advisors LLC boosted its holdings in shares of Corning Incorporated (NYSE:GLW) by 9.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 14,368 shares of the electronics maker’s stock after acquiring an additional 1,208 shares during the quarter. Summit Trail Advisors LLC’s holdings in Corning were worth $649,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. City Holding Co. boosted its position in 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 in the last quarter. Accordant Advisory Group Inc purchased a new position in Corning in the second quarter valued at about $39,000. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the third quarter valued at about $39,000. Global Trust Asset Management LLC raised its holdings in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Corning during the third quarter valued at about $45,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Down 0.5 %

GLW stock opened at $48.29 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The firm’s fifty day simple moving average is $46.43 and its 200-day simple moving average is $42.18. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The company has a market capitalization of $41.35 billion, a P/E ratio of 284.06, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last posted its 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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $0.45 earnings per share. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued 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 2.32%. Corning’s payout ratio is 658.82%.

About Corning

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.