Corning Incorporated (NYSE:GLW) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. trimmed its stake in Corning Incorporated (NYSE:GLW) by 1.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 48,672 shares of the electronics maker’s stock after selling 571 shares during the period. Hartford Investment Management Co.’s holdings in Corning were worth $2,198,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Park Avenue Securities LLC purchased a new stake in shares of Corning in the 1st quarter valued at $252,000. Sunbelt Securities Inc. increased its stake in Corning by 92.0% during the first quarter. Sunbelt Securities Inc. now owns 9,600 shares of the electronics maker’s stock worth $316,000 after purchasing an additional 4,600 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the first quarter worth about $33,000. Courier Capital LLC boosted its stake in shares of Corning by 20.4% in the first quarter. Courier Capital LLC now owns 28,813 shares of the electronics maker’s stock valued at $950,000 after purchasing an additional 4,891 shares during the period. Finally, Register Financial Advisors LLC acquired a new position in shares of Corning in the first quarter valued at approximately $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on GLW. Deutsche Bank Aktiengesellschaft increased their target price on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. upped their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Argus lifted their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Finally, Oppenheimer upped their target price on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Trading Down 0.2 %

Shares of Corning stock opened at $46.81 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company has a fifty day simple moving average of $43.61 and a 200-day simple moving average of $39.63. The stock has a market cap of $40.10 billion, a price-to-earnings ratio of 65.93, a PEG ratio of 1.77 and a beta of 1.04. Corning Incorporated has a 12-month low of $26.37 and a 12-month high of $47.72.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal 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 given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 157.75%.

Corning 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.