Corning Incorporated (NYSE:GLW) Shares Sold by MAI Capital Management

MAI Capital Management lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 3.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,321 shares of the electronics maker’s stock after selling 1,232 shares during the quarter. MAI Capital Management’s holdings in Corning were worth $1,504,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. MBB Public Markets I LLC increased its holdings in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares during the period. Dark Forest Capital Management LP acquired a new position in Corning in the 2nd quarter worth approximately $511,000. National Pension Service increased its holdings in Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after buying an additional 152,922 shares during the period. CWA Asset Management Group LLC acquired a new position in Corning in the 3rd quarter worth approximately $5,705,000. Finally, Los Angeles Capital Management LLC increased its holdings in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GLW shares. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Susquehanna raised their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Barclays increased their target price on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Up 0.1 %

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

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm 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 period last year, the company earned $0.45 EPS. Sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently announced 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. This represents a $1.12 annualized dividend and a yield of 2.37%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 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.