Raymond James Trust N.A. Purchases 697 Shares of Corning Incorporated (NYSE:GLW)

Raymond James Trust N.A. increased its position in Corning Incorporated (NYSE:GLW) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,803 shares of the electronics maker’s stock after purchasing an additional 697 shares during the quarter. Raymond James Trust N.A.’s holdings in Corning were worth $1,571,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. MBB Public Markets I LLC lifted its holdings in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the period. Dark Forest Capital Management LP bought a new position in Corning during the second quarter worth about $511,000. National Pension Service boosted its holdings in Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares in the last quarter. CWA Asset Management Group LLC acquired a new stake in Corning during the third quarter valued at approximately $5,705,000. Finally, Los Angeles Capital Management LLC grew its stake in shares of 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 valued at $75,740,000 after purchasing an additional 1,145,955 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on GLW shares. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Up 1.4 %

Shares of GLW opened at $48.52 on Friday. The firm has a market capitalization of $41.54 billion, a price-to-earnings ratio of 285.41, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The business’s fifty day moving average price is $46.33 and its two-hundred day moving average price is $42.02.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $0.45 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. On average, analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

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

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were 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 owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

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.