Pinnacle Financial Partners Inc Has $321,000 Stake in Corning Incorporated (NYSE:GLW)

Pinnacle Financial Partners Inc reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 3.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 7,110 shares of the electronics maker’s stock after selling 225 shares during the period. Pinnacle Financial Partners Inc’s holdings in Corning were worth $321,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD raised its position in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Corning by 0.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after purchasing an additional 10,311 shares during the last quarter. Natixis boosted its holdings in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Corning stock opened at $47.05 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The firm has a market capitalization of $40.28 billion, a P/E ratio of 276.76, a PEG ratio of 1.51 and a beta of 1.03. The business has a fifty day moving average price of $45.51 and a 200-day moving average price of $41.33.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Mizuho upgraded 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 research note on Wednesday, August 21st. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning 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.