Asset Dedication LLC Reduces Position in Corning Incorporated (NYSE:GLW)

Asset Dedication LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 31.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,152 shares of the electronics maker’s stock after selling 1,000 shares during the period. Asset Dedication LLC’s holdings in Corning were worth $97,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Fisher Asset Management LLC raised its stake in shares of Corning by 60.5% in the fourth quarter. Fisher Asset Management LLC now owns 16,647 shares of the electronics maker’s stock worth $507,000 after buying an additional 6,276 shares during the period. SageView Advisory Group LLC purchased a new position in Corning during the fourth quarter valued at approximately $348,000. Nomura Holdings Inc. bought a new position in shares of Corning in the fourth quarter worth approximately $472,000. Moody National Bank Trust Division purchased a new stake in shares of Corning in the first quarter worth $207,000. Finally, CWM LLC raised its holdings in Corning by 11.6% during the first quarter. CWM LLC now owns 22,649 shares of the electronics maker’s stock valued at $747,000 after acquiring an additional 2,359 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Corning stock opened at $46.52 on Friday. The company’s 50-day moving average price is $42.99 and its 200-day moving average price is $39.18. 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 company has a market cap of $39.85 billion, a PE ratio of 65.52, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $47.45.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Susquehanna upped their target price 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, Bank of America lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

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.