4,550 Shares in Corning Incorporated (NYSE:GLW) Purchased by Farmers Trust Co.

Farmers Trust Co. acquired a new position in shares of Corning Incorporated (NYSE:GLW) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,550 shares of the electronics maker’s stock, valued at approximately $205,000.

A number of other hedge funds have also modified their holdings of GLW. Wellington Management Group LLP increased its position in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position 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 acquiring an additional 4,464,893 shares in 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. FIL Ltd lifted its stake in Corning by 1.5% in the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after acquiring an additional 105,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after acquiring an additional 1,828,097 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Up 0.7 %

NYSE:GLW traded up $0.29 during mid-day trading on Friday, hitting $44.88. 2,369,989 shares of the company’s stock were exchanged, compared to its average volume of 5,801,446. The company has a 50 day simple moving average of $41.81 and a 200-day simple moving average of $38.36. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a market capitalization of $38.45 billion, a P/E ratio of 63.21, a PEG ratio of 1.73 and a beta of 1.04.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.50%. Corning’s payout ratio is presently 157.75%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GLW shares. Barclays increased their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Argus raised their price target 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. UBS Group raised their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Citigroup lifted their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target of $47.00.

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.