Synovus Financial Corp Increases Position in Corning Incorporated (NYSE:GLW)

Synovus Financial Corp boosted its holdings in Corning Incorporated (NYSE:GLW) by 65.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,110 shares of the electronics maker’s stock after purchasing an additional 7,952 shares during the period. Synovus Financial Corp’s holdings in Corning were worth $908,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brookstone Capital Management acquired a new stake in shares of Corning during the second quarter worth approximately $178,000. Raymond James & Associates increased its position in shares of Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after purchasing an additional 42,818 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Corning by 1.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 264,491 shares of the electronics maker’s stock valued at $10,275,000 after purchasing an additional 4,475 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Corning by 13.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 281,196 shares of the electronics maker’s stock worth $10,924,000 after purchasing an additional 32,825 shares during the last quarter. Finally, Parsons Capital Management Inc. RI acquired a new position in Corning in the second quarter worth about $254,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research analyst reports. UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a research note on Monday. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Barclays raised their price target 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. Finally, Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Up 0.1 %

Shares of Corning stock opened at $48.18 on Tuesday. Corning Incorporated has a 1-year low of $29.71 and a 1-year high of $51.03. The company has a market capitalization of $41.25 billion, a P/E ratio of 283.41, a PEG ratio of 1.54 and a beta of 1.03. The business’s fifty day moving average price is $47.65 and its two-hundred day moving average price is $43.50. 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 posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate 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 company posted $0.45 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s dividend payout ratio is presently 658.82%.

Corning 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.