West Branch Capital LLC Has $497,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

West Branch Capital LLC decreased its position in shares of Corning Incorporated (NYSE:GLW) by 20.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,005 shares of the electronics maker’s stock after selling 2,911 shares during the period. West Branch Capital LLC’s holdings in Corning were worth $497,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. OLD National Bancorp IN boosted its position in shares of Corning by 13.9% during the 3rd quarter. OLD National Bancorp IN now owns 17,295 shares of the electronics maker’s stock worth $781,000 after acquiring an additional 2,114 shares in the last quarter. NovaPoint Capital LLC lifted its stake in Corning by 7.5% in the 3rd quarter. NovaPoint Capital LLC now owns 73,299 shares of the electronics maker’s stock valued at $3,309,000 after purchasing an additional 5,088 shares during the last quarter. Blue Trust Inc. lifted its stake in Corning by 21.8% in the 3rd quarter. Blue Trust Inc. now owns 20,555 shares of the electronics maker’s stock valued at $928,000 after purchasing an additional 3,679 shares during the last quarter. West Oak Capital LLC lifted its stake in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the last quarter. Finally, KMG Fiduciary Partners LLC lifted its stake in Corning by 0.7% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 44,472 shares of the electronics maker’s stock valued at $2,008,000 after purchasing an additional 301 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 0.3 %

NYSE GLW traded up $0.14 during mid-day trading on Friday, reaching $46.66. 2,036,706 shares of the stock were exchanged, compared to its average volume of 4,338,558. Corning Incorporated has a one year low of $25.26 and a one year high of $47.45. The stock has a 50 day simple moving average of $43.16 and a 200-day simple moving average of $39.32. The stock has a market cap of $39.93 billion, a P/E ratio of 93.32, a P/E/G ratio of 1.74 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 224.00%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Citigroup raised their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. raised their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

About Corning

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.