SG Americas Securities LLC Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

SG Americas Securities LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 71.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,293 shares of the electronics maker’s stock after selling 94,053 shares during the period. SG Americas Securities LLC’s holdings in Corning were worth $1,729,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. MBB Public Markets I LLC lifted 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 in the last quarter. Bridgefront Capital LLC purchased a new stake in shares of Corning during the fourth quarter worth approximately $813,000. Wahed Invest LLC increased its stake in shares of Corning by 8.6% during 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 holdings in Corning by 75.5% in 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 acquiring an additional 24,421 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co lifted its stake in Corning by 4.7% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GLW. Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Susquehanna raised their price objective 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, UBS Group upped their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $47.00.

Corning Price Performance

Corning stock opened at $44.59 on Wednesday. The company has a market cap of $38.20 billion, a P/E ratio of 62.80, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39. The business has a fifty day moving average of $41.84 and a two-hundred day moving average of $38.51. 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 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. As a group, analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.51%. Corning’s dividend payout ratio is presently 157.75%.

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.