Pathstone Holdings LLC Sells 12,680 Shares of Corning Incorporated (NYSE:GLW)

Pathstone Holdings LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 5.4% during the third quarter, Holdings Channel.com reports. The firm owned 220,090 shares of the electronics maker’s stock after selling 12,680 shares during the period. Pathstone Holdings LLC’s holdings in Corning were worth $9,937,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GLW. O Shaughnessy Asset Management LLC boosted its position in shares of Corning by 21.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock worth $975,000 after purchasing an additional 5,151 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Corning by 3.1% during the 1st quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock worth $812,000 after purchasing an additional 743 shares in the last quarter. Lake Street Advisors Group LLC bought a new position in shares of Corning during the 1st quarter worth about $203,000. National Bank of Canada FI boosted its position in shares of Corning by 27.8% during the 1st quarter. National Bank of Canada FI now owns 570,161 shares of the electronics maker’s stock worth $19,476,000 after purchasing an additional 123,929 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Corning by 11.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 609,155 shares of the electronics maker’s stock worth $20,074,000 after purchasing an additional 62,018 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 0.1 %

Shares of GLW stock opened at $47.35 on Thursday. The company has a 50 day moving average of $46.08 and a 200-day moving average of $41.81. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The firm has a market cap of $40.54 billion, a P/E ratio of 278.53, a PEG ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate 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 for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. Sell-side analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Analyst Ratings Changes

GLW has been the topic of a number of analyst reports. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays upped their target price on shares of 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 target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Corning currently has a consensus 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.