Osher Van de Voorde Investment Management Reduces Holdings in Corning Incorporated (NYSE:GLW)

Osher Van de Voorde Investment Management lowered its position in shares of Corning Incorporated (NYSE:GLW) by 0.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 466,050 shares of the electronics maker’s stock after selling 1,925 shares during the quarter. Corning accounts for approximately 4.6% of Osher Van de Voorde Investment Management’s investment portfolio, making the stock its 6th largest position. Osher Van de Voorde Investment Management owned approximately 0.05% of Corning worth $21,042,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. MBB Public Markets I LLC raised its holdings in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the period. Bridgefront Capital LLC acquired a new stake in Corning during the 4th quarter valued at $813,000. Wahed Invest LLC boosted its position in shares of Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares during the period. Massmutual Trust Co. FSB ADV raised its position in Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after buying an additional 24,421 shares during the period. Finally, Elo Mutual Pension Insurance Co lifted its stake in Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock worth $2,154,000 after acquiring an additional 3,152 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Up 1.1 %

Shares of GLW stock opened at $44.59 on Wednesday. The stock has a market cap of $38.20 billion, a price-to-earnings ratio of 62.80, a P/E/G ratio of 1.73 and a beta of 1.04. The firm has a fifty day moving average of $41.84 and a 200-day moving average of $38.51. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. 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 for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. On average, equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analysts Set New Price Targets

Several analysts recently commented on GLW shares. UBS Group raised their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, July 31st. Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six research 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, Corning has an average rating of “Moderate Buy” and a consensus price target of $47.00.

About Corning

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.