Sumitomo Mitsui Trust Group Inc. Has $87.45 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 0.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,936,928 shares of the electronics maker’s stock after buying an additional 10,311 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Corning worth $87,452,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of GLW. GSA Capital Partners LLP increased its position in shares of Corning by 2.6% during the third quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock worth $482,000 after acquiring an additional 274 shares in the last quarter. Apollon Wealth Management LLC boosted its stake in Corning by 3.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 43,368 shares of the electronics maker’s stock worth $1,958,000 after purchasing an additional 1,415 shares during the period. Versor Investments LP increased its holdings in Corning by 107.7% during the 3rd quarter. Versor Investments LP now owns 29,500 shares of the electronics maker’s stock worth $1,332,000 after purchasing an additional 15,300 shares in the last quarter. Venturi Wealth Management LLC raised its stake in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares during the period. Finally, Patten & Patten Inc. TN raised its stake in shares of Corning by 2.3% in the 3rd quarter. Patten & Patten Inc. TN now owns 17,778 shares of the electronics maker’s stock valued at $803,000 after purchasing an additional 400 shares during the period. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on GLW. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 0.3 %

Shares of NYSE:GLW opened at $47.05 on Friday. 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 company has a market capitalization of $40.28 billion, a P/E ratio of 276.76, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a 50-day simple moving average of $45.51 and a 200 day simple moving average of $41.33.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during 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 business’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.45 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The business 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. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is presently 658.82%.

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.