Raymond James Trust N.A. Has $1.57 Million Position in Corning Incorporated (NYSE:GLW)

Raymond James Trust N.A. grew its position in Corning Incorporated (NYSE:GLW) by 2.0% during the 3rd quarter, HoldingsChannel reports. 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 hedge funds and other institutional investors also recently made changes to their positions in the company. City Holding Co. raised its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the period. Accordant Advisory Group Inc acquired a new stake in shares of Corning during the second quarter worth about $39,000. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning during the third quarter worth about $39,000. Global Trust Asset Management LLC lifted its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning in the 3rd quarter valued at approximately $45,000. 69.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Susquehanna lifted their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Up 1.4 %

NYSE:GLW opened at $48.52 on Friday. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The firm has a market capitalization of $41.54 billion, a price-to-earnings ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average price is $46.33 and its two-hundred day moving average price is $42.02.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. Equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

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

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.