Corning Incorporated (NYSE:GLW) Shares Sold by Covestor Ltd

Covestor Ltd reduced its position in Corning Incorporated (NYSE:GLW) by 68.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,198 shares of the electronics maker’s stock after selling 2,613 shares during the quarter. Covestor Ltd’s holdings in Corning were worth $54,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Mesirow Financial Investment Management Inc. lifted its stake in shares of Corning by 2.4% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 144,393 shares of the electronics maker’s stock valued at $6,519,000 after purchasing an additional 3,375 shares in the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of Corning in the third quarter worth $5,705,000. Hollencrest Capital Management raised its stake in shares of Corning by 143.5% in the 3rd quarter. Hollencrest Capital Management now owns 1,488 shares of the electronics maker’s stock valued at $67,000 after acquiring an additional 877 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Corning during the 3rd quarter valued at $88,000. Finally, J.P. Marvel Investment Advisors LLC boosted its position in Corning by 1.2% during the 3rd quarter. J.P. Marvel Investment Advisors LLC now owns 255,711 shares of the electronics maker’s stock worth $11,545,000 after purchasing an additional 2,970 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on GLW shares. Oppenheimer restated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna upped their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of GLW opened at $47.05 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $40.28 billion, a price-to-earnings ratio of 276.76, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The stock has a 50 day moving average of $45.51 and a 200-day moving average of $41.33.

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. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. Corning’s payout ratio is currently 658.82%.

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.