Commerce Bank Has $3.96 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Commerce Bank lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 87,705 shares of the electronics maker’s stock after selling 1,248 shares during the period. Commerce Bank’s holdings in Corning were worth $3,960,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. City Holding Co. lifted its holdings in shares of 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 during the last quarter. Accordant Advisory Group Inc bought a new position in Corning in the 2nd quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC acquired a new stake in Corning in the third quarter valued at approximately $39,000. Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% during the third 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 in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Corning in the 3rd quarter valued at $45,000. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Up 1.4 %

NYSE:GLW opened at $48.50 on Friday. Corning Incorporated has a 12 month low of $27.57 and a 12 month 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 stock has a market capitalization of $41.52 billion, a price-to-earnings ratio of 285.26, a PEG ratio of 1.51 and a beta of 1.03. The firm has a fifty day simple moving average of $46.33 and a two-hundred day simple moving average of $41.96.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Analyst Ratings Changes

A number of brokerages recently weighed in on GLW. Barclays boosted their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, 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 report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the 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 completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.