Corning Incorporated (NYSE:GLW) Shares Sold by Atria Investments Inc

Atria Investments Inc lowered its holdings in Corning Incorporated (NYSE:GLW) by 13.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,666 shares of the electronics maker’s stock after selling 8,978 shares during the period. Atria Investments Inc’s holdings in Corning were worth $2,649,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. MBB Public Markets I LLC raised its position in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Corning in the second quarter worth $511,000. National Pension Service boosted its stake in Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after acquiring an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC bought a new position in Corning during the 3rd quarter worth approximately $5,705,000. Finally, Jackson Square Capital LLC acquired a new position in shares of Corning in the 3rd quarter worth approximately $990,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE GLW opened at $47.05 on Friday. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The firm has a market cap of $40.28 billion, a P/E ratio of 276.76, a PEG ratio of 1.55 and a beta of 1.03. The stock has a fifty day moving average price of $45.51 and a two-hundred day moving average price of $41.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. Research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The business 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 dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on GLW shares. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Susquehanna upped their price target 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. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average price target of $50.08.

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.