Corning Incorporated (NYSE:GLW) Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC lessened its position in shares of Corning Incorporated (NYSE:GLW) by 9.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,285 shares of the electronics maker’s stock after selling 772 shares during the quarter. Park Avenue Securities LLC’s holdings in Corning were worth $329,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Grove Bank & Trust increased its stake in shares of 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 purchasing an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY increased its position in Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after purchasing an additional 251 shares during the last quarter. Long Run Wealth Advisors LLC raised its stake in Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 274 shares during the period. Mark Sheptoff Financial Planning LLC boosted its holdings in Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares during the last quarter. Finally, Legacy Capital Group California Inc. grew its stake in shares of Corning by 1.0% in the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after buying an additional 278 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.0 %

GLW stock opened at $46.46 on Monday. The company’s 50 day moving average price is $42.34 and its 200 day moving average price is $38.89. The firm has a market capitalization of $39.80 billion, a price-to-earnings ratio of 65.44, a PEG ratio of 1.72 and a beta of 1.04. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $47.45. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on GLW shares. Citigroup upped their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Barclays upped their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Finally, UBS Group lifted their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning 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.