Chartwell Investment Partners LLC Has $297,000 Stock Position in Corning Incorporated (NYSE:GLW)

Chartwell Investment Partners LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 20.7% in the third quarter, Holdings Channel reports. The firm owned 6,578 shares of the electronics maker’s stock after selling 1,715 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Corning were worth $297,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. City Holding Co. increased its holdings in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the period. ESL Trust Services LLC acquired a new stake in shares of Corning during the 1st quarter worth approximately $33,000. Accordant Advisory Group Inc bought a new position in Corning in the second quarter valued at approximately $39,000. Global Trust Asset Management LLC raised its position in Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in Corning during the third quarter worth $45,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GLW shares. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

NYSE GLW opened at $47.21 on Thursday. The company has a market capitalization of $40.42 billion, a price-to-earnings ratio of 277.71, a PEG ratio of 1.55 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 stock has a fifty day simple moving average of $45.39 and a 200 day simple moving average of $41.29.

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

Corning Dividend Announcement

The company also recently disclosed 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 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 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.