Vest Financial LLC Has $649,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

Vest Financial LLC lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 33.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,376 shares of the electronics maker’s stock after purchasing an additional 3,636 shares during the quarter. Vest Financial LLC’s holdings in Corning were worth $649,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. MBB Public Markets I LLC increased its position in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Corning during the 1st quarter worth about $653,000. Dark Forest Capital Management LP acquired a new position in shares of Corning during the 2nd quarter valued at about $511,000. Financial Counselors Inc. raised its stake in shares of Corning by 40.9% in the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after acquiring an additional 90,836 shares in the last quarter. Finally, Raymond James & Associates raised its stake in shares of Corning by 2.6% in the 2nd 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 in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.8 %

Corning stock opened at $47.03 on Tuesday. The business has a 50 day moving average price of $43.31 and a two-hundred day moving average price of $39.47. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $47.45. The stock has a market cap of $40.29 billion, a price-to-earnings ratio of 66.24, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04.

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

Corning Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analysts Set New Price Targets

Several equities analysts have commented on GLW shares. UBS Group increased their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a 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. Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.23.

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.