Corning Incorporated (NYSE:GLW) Stock Holdings Lowered by Financial Counselors Inc.

Financial Counselors Inc. reduced its holdings in Corning Incorporated (NYSE:GLW) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,304 shares of the electronics maker’s stock after selling 4,426 shares during the quarter. Financial Counselors Inc.’s holdings in Corning were worth $14,010,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MBB Public Markets I LLC raised its holdings in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Corning in the 2nd quarter worth approximately $511,000. National Pension Service raised its holdings in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares in the last quarter. CWA Asset Management Group LLC bought a new stake in shares of Corning in the 3rd quarter worth approximately $5,705,000. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Performance

GLW stock opened at $48.22 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $41.29 billion, a price-to-earnings ratio of 283.65, a P/E/G ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The firm has a 50 day moving average of $46.70 and a two-hundred day moving average of $42.36.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company 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 revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, equities analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced 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. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Barclays lifted their target price 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. Susquehanna lifted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was 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. Insiders own 0.40% of the company’s stock.

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.