Corning Incorporated (NYSE:GLW) Shares Sold by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 5.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 9,785 shares of the electronics maker’s stock after selling 595 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Corning were worth $442,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of GLW. City Holding Co. boosted its position in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Global Trust Asset Management LLC boosted its holdings in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the period. Venturi Wealth Management LLC increased its position in shares of Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after acquiring an additional 473 shares in the last quarter. Accordant Advisory Group Inc acquired a new stake in shares of Corning during the second quarter valued at approximately $39,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the 3rd quarter valued at approximately $45,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

GLW opened at $46.49 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a market cap of $39.81 billion, a PE ratio of 273.47, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The stock has a 50-day moving average of $45.74 and a 200-day moving average of $41.48. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal 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 given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.41%. Corning’s dividend payout ratio is 658.82%.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent analyst reports. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. 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. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

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.