CENTRAL TRUST Co Has $348,000 Holdings in Corning Incorporated (NYSE:GLW)

CENTRAL TRUST Co raised its stake in shares of Corning Incorporated (NYSE:GLW) by 29.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 7,716 shares of the electronics maker’s stock after purchasing an additional 1,775 shares during the period. CENTRAL TRUST Co’s holdings in Corning were worth $348,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Access Investment Management LLC purchased a new position in shares of Corning during the first quarter valued at approximately $28,000. City Holding Co. boosted its holdings in Corning by 545.5% during the 3rd 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. Register Financial Advisors LLC bought a new stake in shares of Corning in the 1st quarter worth $33,000. ESL Trust Services LLC purchased a new stake in shares of Corning in the first quarter valued at about $33,000. Finally, Accordant Advisory Group Inc bought a new position in shares of Corning during the second quarter valued at about $39,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Down 1.2 %

Shares of GLW stock opened at $46.25 on Friday. The stock has a market capitalization of $39.62 billion, a price-to-earnings ratio of 65.14, a PEG ratio of 1.77 and a beta of 1.04. The company’s fifty day simple moving average is $43.86 and its two-hundred day simple moving average is $39.78. Corning Incorporated has a 1 year low of $26.37 and a 1 year high of $47.72. 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 released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.91 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. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.42%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on GLW shares. Barclays lifted their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

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.