Ethic Inc. Sells 17,592 Shares of Corning Incorporated $GLW

Ethic Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 12.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,725 shares of the electronics maker’s stock after selling 17,592 shares during the period. Ethic Inc.’s holdings in Corning were worth $18,563,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Atwood & Palmer Inc. purchased a new position in shares of Corning during the 2nd quarter worth approximately $26,000. Rogco LP acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $27,000. Western Pacific Wealth Management LP purchased a new stake in shares of Corning in the third quarter valued at approximately $25,000. Kings Path Partners LLC purchased a new stake in shares of Corning in the third quarter valued at approximately $25,000. Finally, Toth Financial Advisory Corp boosted its stake in shares of Corning by 130.7% in the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GLW shares. The Goldman Sachs Group reaffirmed an “outperform” rating on shares of Corning in a report on Tuesday, September 15th. UBS Group reduced their target price on Corning from $201.00 to $192.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. China Renaissance upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 target price on the stock in a research report on Tuesday, September 8th. Citigroup reaffirmed a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. Finally, Bank of America reduced their price objective on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $175.81.

Insider Buying and Selling

In related news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW opened at $106.03 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. The business’s fifty day moving average price is $144.47 and its two-hundred day moving average price is $155.55. The stock has a market cap of $91.34 billion, a PE ratio of 42.93, a price-to-earnings-growth ratio of 1.31 and a beta of 1.23. Corning Incorporated has a one year low of $77.39 and a one year high of $271.78.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same period in the previous year, the firm posted $0.67 earnings per share. The business’s revenue for the quarter was up 18.9% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Corning Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.