Chevy Chase Trust Holdings LLC Has $18.84 Million Position in Corning Incorporated (NYSE:GLW)

Chevy Chase Trust Holdings LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 1.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 417,250 shares of the electronics maker’s stock after selling 6,879 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Corning were worth $18,839,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after purchasing an additional 38,168 shares in the last quarter. FMR LLC grew its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. Swiss National Bank increased its stake in Corning by 0.6% during the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock worth $109,060,000 after purchasing an additional 14,900 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Corning by 0.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock worth $87,452,000 after buying an additional 10,311 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 0.1 %

Shares of NYSE:GLW opened at $49.17 on Wednesday. Corning Incorporated has a 12-month low of $28.30 and a 12-month high of $51.03. The business has a 50 day moving average of $46.95 and a 200-day moving average of $42.76. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.10 billion, a PE ratio of 289.24, a P/E/G ratio of 1.57 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $0.45 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed 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 2.28%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Wednesday. Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. upped their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.