Atria Investments Inc Has $2.65 Million Holdings in Corning Incorporated (NYSE:GLW)

Atria Investments Inc decreased its position in Corning Incorporated (NYSE:GLW) by 13.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Corning by 25.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock valued at $752,000 after acquiring an additional 4,588 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Corning by 35.4% during the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock worth $640,000 after purchasing an additional 5,081 shares in the last quarter. Bleakley Financial Group LLC raised its position in Corning by 4.9% during the first quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock valued at $329,000 after acquiring an additional 464 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in Corning by 11.2% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock valued at $3,601,000 after acquiring an additional 10,980 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Corning by 23.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 992,459 shares of the electronics maker’s stock worth $32,711,000 after acquiring an additional 187,281 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Susquehanna increased their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Performance

NYSE:GLW opened at $47.05 on Friday. Corning Incorporated has a 12-month low of $27.57 and a 12-month high of $51.03. The firm has a market capitalization of $40.28 billion, a PE ratio of 276.76, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm has a 50-day moving average price of $45.51 and a 200 day moving average price of $41.33. 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 (NYSE:GLW) last announced 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 firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 earnings per share. Research analysts anticipate that Corning Incorporated will post 1.95 earnings per share 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. 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.