Patten & Patten Inc. TN Grows Stock Position in Corning Incorporated (NYSE:GLW)

Patten & Patten Inc. TN raised its holdings in Corning Incorporated (NYSE:GLW) by 2.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,778 shares of the electronics maker’s stock after buying an additional 400 shares during the quarter. Patten & Patten Inc. TN’s holdings in Corning were worth $803,000 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. City Holding Co. raised its stake in Corning by 545.5% in the third 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 last quarter. ESL Trust Services LLC purchased a new position in shares of Corning in the first quarter worth about $33,000. Accordant Advisory Group Inc purchased a new position in shares of Corning in the second quarter worth about $39,000. Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning in the third quarter worth about $45,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GLW shares. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

NYSE GLW opened at $48.92 on Tuesday. The company has a market cap of $41.89 billion, a PE ratio of 287.76, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The stock’s 50 day simple moving average is $45.10 and its 200-day simple moving average is $41.05. Corning Incorporated has a 1-year low of $27.41 and a 1-year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

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

Corning Dividend Announcement

The business also recently disclosed 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 yield of 2.29%. Corning’s payout ratio is 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.