abrdn plc Trims Holdings in Corning Incorporated (NYSE:GLW)

abrdn plc lowered its position in Corning Incorporated (NYSE:GLW) by 4.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 233,849 shares of the electronics maker’s stock after selling 9,805 shares during the period. abrdn plc’s holdings in Corning were worth $10,481,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and 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 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. ESL Trust Services LLC purchased a new stake in Corning in the first quarter valued at $33,000. Accordant Advisory Group Inc acquired a new stake in Corning during the 2nd quarter worth about $39,000. Global Trust Asset Management LLC raised its stake in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning in the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 1.6 %

Shares of Corning stock opened at $48.36 on Friday. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $26.71 and a twelve month high of $51.03. The firm has a market capitalization of $41.38 billion, a PE ratio of 284.47, a P/E/G ratio of 1.61 and a beta of 1.04. The firm’s 50-day moving average price is $44.52 and its 200 day moving average price is $40.33.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the business posted $0.45 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts predict that Corning Incorporated will post 1.93 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

Wall Street Analyst Weigh In

Several research firms recently commented on GLW. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.