Sageworth Trust Co Takes Position in Corning Incorporated (NYSE:GLW)

Sageworth Trust Co bought a new position in Corning Incorporated (NYSE:GLW) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,500 shares of the electronics maker’s stock, valued at approximately $519,000.

Several other hedge funds have also recently modified their holdings of GLW. Forsta AP Fonden increased its position in Corning by 12.8% in the third quarter. Forsta AP Fonden now owns 169,300 shares of the electronics maker’s stock worth $7,644,000 after purchasing an additional 19,200 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Corning by 75.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,824 shares of the electronics maker’s stock valued at $4,344,000 after acquiring an additional 41,715 shares during the last quarter. Allworth Financial LP increased its position in Corning by 1.3% during the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock valued at $874,000 after acquiring an additional 251 shares during the last quarter. Lincoln Capital Corp increased its position in Corning by 97.3% during the third quarter. Lincoln Capital Corp now owns 10,753 shares of the electronics maker’s stock valued at $485,000 after acquiring an additional 5,303 shares during the last quarter. Finally, Massachusetts Wealth Management increased its position in Corning by 46.8% during the third quarter. Massachusetts Wealth Management now owns 23,200 shares of the electronics maker’s stock valued at $1,047,000 after acquiring an additional 7,400 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW stock traded down $0.56 on Friday, reaching $46.25. 3,955,119 shares of the company’s stock were exchanged, compared to its average volume of 5,691,504. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market cap of $39.62 billion, a PE ratio of 65.14, a P/E/G ratio of 1.77 and a beta of 1.04. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72. The stock has a fifty day moving average of $43.74 and a 200-day moving average of $39.68.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the business earned $0.45 earnings per share. The business’s revenue was up 3.5% on a year-over-year basis. As a group, equities analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

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 paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.42%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 157.75%.

Analysts Set New Price Targets

A number of research firms have recently commented on GLW. JPMorgan Chase & Co. upped their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. UBS Group upped their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Citigroup upped their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.