Community Financial Services Group LLC Reduces Holdings in Corning Incorporated (NYSE:GLW)

Community Financial Services Group LLC decreased its position in shares of Corning Incorporated (NYSE:GLW) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,205 shares of the electronics maker’s stock after selling 2,260 shares during the period. Community Financial Services Group LLC’s holdings in Corning were worth $2,809,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Access Investment Management LLC purchased a new stake in Corning during the 1st quarter worth $28,000. City Holding Co. increased its position in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 1st quarter worth about $33,000. Register Financial Advisors LLC bought a new stake in shares of Corning in the 1st quarter worth about $33,000. Finally, ESL Trust Services LLC bought a new stake in shares of Corning in the 1st quarter worth about $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GLW. UBS Group boosted their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Argus boosted their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Finally, Barclays lifted their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Trading Up 0.8 %

Corning stock opened at $47.03 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average price of $43.31 and a two-hundred day moving average price of $39.47. The firm has a market capitalization of $40.29 billion, a price-to-earnings ratio of 66.24, a PEG ratio of 1.74 and a beta of 1.04. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $47.45.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 EPS. Sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. 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 dividend payout ratio is currently 157.75%.

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.