Smithfield Trust Co Has $317,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

Smithfield Trust Co raised its position in Corning Incorporated (NYSE:GLW) by 20.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,002 shares of the electronics maker’s stock after acquiring an additional 1,185 shares during the period. Smithfield Trust Co’s holdings in Corning were worth $317,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. City Holding Co. lifted 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 purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the 3rd quarter worth about $39,000. Global Trust Asset Management LLC increased its stake 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 valued at $42,000 after acquiring an additional 900 shares during the period. Venturi Wealth Management LLC increased its stake in Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares during the period. Finally, Accordant Advisory Group Inc acquired a new position in Corning in the second quarter worth about $39,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.3 %

Shares of GLW opened at $47.97 on Friday. The stock’s fifty day simple moving average is $46.21 and its 200-day simple moving average is $41.86. The firm has a market capitalization of $41.07 billion, a PE ratio of 282.15, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for 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 revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. As a group, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GLW shares. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Susquehanna lifted their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.08.

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.