Corning Incorporated (NYSE:GLW) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 71.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 38,293 shares of the electronics maker’s stock after selling 94,053 shares during the quarter. SG Americas Securities LLC’s holdings in Corning were worth $1,729,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GLW. Wellington Management Group LLP boosted its position in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after buying an additional 426,864 shares during the period. FIL Ltd increased its holdings in Corning by 1.5% in the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after buying an additional 105,994 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLW. Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Citigroup lifted their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Finally, Oppenheimer raised their target price on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report 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. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Trading Up 1.1 %

Shares of GLW opened at $44.59 on Wednesday. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The firm has a market capitalization of $38.20 billion, a P/E ratio of 62.80, a P/E/G ratio of 1.73 and a beta of 1.04. The firm has a 50-day moving average price of $41.84 and a 200 day moving average price of $38.51. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The business also recently announced 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 2.51%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

About Corning

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.