Corning Incorporated (NYSE:GLW) Position Reduced by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC cut its stake in Corning Incorporated (NYSE:GLW) by 78.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,273 shares of the electronics maker’s stock after selling 23,340 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Corning were worth $283,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. City Holding Co. grew its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. ESL Trust Services LLC acquired a new position in Corning in the first quarter valued at approximately $33,000. Accordant Advisory Group Inc bought a new position in Corning during the 2nd quarter worth approximately $39,000. Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the third quarter valued at about $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of analyst reports. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Up 0.4 %

Shares of NYSE GLW opened at $48.92 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $27.41 and a 1 year high of $51.03. The stock has a market capitalization of $41.89 billion, a P/E ratio of 287.76, a P/E/G ratio of 1.56 and a beta of 1.03. The company has a 50-day moving average price of $45.10 and a 200-day moving average price of $41.05.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

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.