Corning Incorporated (NYSE:GLW) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 1.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 48,672 shares of the electronics maker’s stock after selling 571 shares during the quarter. Hartford Investment Management Co.’s holdings in Corning were worth $2,198,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. West Oak Capital LLC lifted its position in Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares during the period. Grove Bank & Trust grew its position in Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares during the last quarter. Brown Lisle Cummings Inc. increased its stake in Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after buying an additional 250 shares during the period. Burns J W & Co. Inc. NY raised its position in Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after buying an additional 251 shares during the last quarter. Finally, Long Run Wealth Advisors LLC lifted its stake in shares of Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after acquiring an additional 274 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GLW. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Oppenheimer boosted their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. UBS Group raised their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Barclays upped their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. 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 data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Stock Performance

NYSE:GLW opened at $46.81 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $40.10 billion, a P/E ratio of 65.93, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. The firm has a 50-day moving average price of $43.61 and a two-hundred day moving average price of $39.63. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Corning’s dividend payout ratio is currently 157.75%.

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.