Huntington National Bank Has $3.15 Million Position in Corning Incorporated (NYSE:GLW)

Huntington National Bank raised its stake in Corning Incorporated (NYSE:GLW) by 3.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 69,705 shares of the electronics maker’s stock after buying an additional 2,365 shares during the quarter. Huntington National Bank’s holdings in Corning were worth $3,147,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GLW. MBB Public Markets I LLC raised its holdings in shares of 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 acquiring an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Corning during the 2nd quarter worth about $511,000. National Pension Service lifted its holdings in shares of Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after buying an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Corning in the 3rd quarter valued at approximately $5,705,000. Finally, Jackson Square Capital LLC acquired a new position in Corning in the third quarter worth approximately $990,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on GLW shares. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Down 0.3 %

GLW stock opened at $47.05 on Friday. The company has a market cap of $40.28 billion, a PE ratio of 276.76, a price-to-earnings-growth ratio of 1.51 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. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The business’s 50-day simple moving average is $45.51 and its 200 day simple moving average is $41.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 earnings per share. On average, research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

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.