Earnest Partners LLC Sells 2,044 Shares of Corning Incorporated (NYSE:GLW)

Earnest Partners LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.9% in the second quarter, Holdings Channel.com reports. The firm owned 50,540 shares of the electronics maker’s stock after selling 2,044 shares during the quarter. Earnest Partners LLC’s holdings in Corning were worth $1,963,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC raised its holdings in shares of Corning by 9.9% during the fourth quarter. Parallel Advisors LLC now owns 20,927 shares of the electronics maker’s stock worth $637,000 after acquiring an additional 1,883 shares during the period. Treasurer of the State of North Carolina increased its holdings in Corning by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 347,299 shares of the electronics maker’s stock worth $10,575,000 after purchasing an additional 3,310 shares in the last quarter. Chiron Capital Management LLC raised its stake in shares of Corning by 15.1% in the 4th quarter. Chiron Capital Management LLC now owns 8,400 shares of the electronics maker’s stock valued at $256,000 after purchasing an additional 1,100 shares during the period. Scotia Capital Inc. bought a new stake in shares of Corning in the fourth quarter valued at about $217,000. Finally, Bank of Nova Scotia boosted its position in shares of Corning by 252.2% during the fourth quarter. Bank of Nova Scotia now owns 469,519 shares of the electronics maker’s stock worth $14,296,000 after buying an additional 336,191 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, July 31st. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. Oppenheimer increased their target price on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $47.00.

Corning Price Performance

Shares of NYSE GLW opened at $44.87 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average price is $41.68 and its two-hundred day moving average price is $37.85. The company has a market cap of $38.43 billion, a PE ratio of 63.19, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the firm earned $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. On average, analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

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.