Trust Co. of Vermont Has $244,000 Stake in Corning Incorporated (NYSE:GLW)

Trust Co. of Vermont decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 6.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,415 shares of the electronics maker’s stock after selling 395 shares during the quarter. Trust Co. of Vermont’s holdings in Corning were worth $244,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its holdings in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after acquiring an additional 42,832 shares during the last quarter. Natixis lifted its stake in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GLW. Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. UBS Group increased their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Argus raised their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Stock Up 0.3 %

Shares of NYSE GLW opened at $46.66 on Friday. The company’s 50 day moving average price is $43.16 and its 200-day moving average price is $39.32. The company has a market capitalization of $39.97 billion, a P/E ratio of 65.72, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $47.45.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm 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 was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. Equities analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

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 given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 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.