Pinnacle Financial Partners Inc Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Pinnacle Financial Partners Inc reduced its stake in Corning Incorporated (NYSE:GLW) by 3.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,110 shares of the electronics maker’s stock after selling 225 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Corning were worth $321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Envestnet Portfolio Solutions Inc. grew its position in Corning by 25.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock worth $752,000 after acquiring an additional 4,588 shares in the last quarter. Empowered Funds LLC lifted its stake in Corning by 35.4% during the first quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock worth $640,000 after purchasing an additional 5,081 shares during the last quarter. Bleakley Financial Group LLC boosted its holdings in shares of Corning by 4.9% in the 1st quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock worth $329,000 after purchasing an additional 464 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Corning by 11.2% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock valued at $3,601,000 after purchasing an additional 10,980 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Corning by 23.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 992,459 shares of the electronics maker’s stock valued at $32,711,000 after buying an additional 187,281 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. Susquehanna upped their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 0.3 %

GLW opened at $47.05 on Friday. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50 day simple moving average of $45.51 and a two-hundred day simple moving average of $41.33. The firm has a market capitalization of $40.28 billion, a price-to-earnings ratio of 276.76, a PEG ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 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 the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. Analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

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

Corning Company 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.