Corning Incorporated (NYSE:GLW) Shares Sold by M&G Plc

M&G Plc decreased its holdings in Corning Incorporated (NYSE:GLW) by 22.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 29,350 shares of the electronics maker’s stock after selling 8,712 shares during the quarter. M&G Plc’s holdings in Corning were worth $1,321,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in GLW. Empirical Finance LLC boosted its position in Corning by 3.5% in the 1st quarter. Empirical Finance LLC now owns 27,805 shares of the electronics maker’s stock valued at $916,000 after buying an additional 939 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Corning by 25.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock valued at $752,000 after acquiring an additional 4,588 shares in the last quarter. Empowered Funds LLC boosted its holdings in Corning by 35.4% in the first quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after purchasing an additional 5,081 shares during the period. Wealthspire Advisors LLC acquired a new position in Corning during the 1st quarter worth $206,000. Finally, Illinois Municipal Retirement Fund increased its holdings in Corning by 617.7% during the 1st quarter. Illinois Municipal Retirement Fund now owns 285,235 shares of the electronics maker’s stock worth $9,401,000 after purchasing an additional 245,491 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $48.74 on Friday. The stock has a market capitalization of $41.73 billion, a price-to-earnings ratio of 286.71, a PEG ratio of 1.54 and a beta of 1.03. The firm’s fifty day simple moving average is $45.10 and its 200-day simple moving average is $40.92. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 12 month low of $26.94 and a 12 month high of $51.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GLW. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.08.

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.