CX Institutional Cuts Stock Position in Corning Incorporated (NYSE:GLW)

CX Institutional cut its stake in shares of Corning Incorporated (NYSE:GLW) by 7.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,576 shares of the electronics maker’s stock after selling 1,763 shares during the quarter. CX Institutional’s holdings in Corning were worth $974,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. City Holding Co. boosted its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Access Investment Management LLC purchased a new stake in Corning in the 1st quarter valued at approximately $28,000. Future Financial Wealth Managment LLC acquired a new position in Corning during the 1st quarter worth approximately $33,000. Register Financial Advisors LLC acquired a new position in Corning during the 1st quarter worth approximately $33,000. Finally, ESL Trust Services LLC purchased a new position in shares of Corning during the 1st quarter worth approximately $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. Argus upped their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Barclays increased their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Oppenheimer boosted their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Citigroup increased their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Price Performance

Shares of NYSE:GLW opened at $46.01 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The business’s fifty day moving average price is $42.83 and its two-hundred day moving average price is $39.13. The stock has a market cap of $39.41 billion, a PE ratio of 64.80, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. Corning Incorporated has a one year low of $25.26 and a one year high of $47.45.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating 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 quarter last year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, November 15th. 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.