Corning Incorporated (NYSE:GLW) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its position in shares of Corning Incorporated (NYSE:GLW) by 74.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,030 shares of the electronics maker’s stock after selling 17,691 shares during the period. Exchange Traded Concepts LLC’s holdings in Corning were worth $272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. City Holding Co. increased its stake in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. Access Investment Management LLC purchased a new stake in Corning in the 1st quarter valued at about $28,000. Future Financial Wealth Managment LLC acquired a new position in Corning in the first quarter valued at about $33,000. Register Financial Advisors LLC purchased a new position in Corning during the first quarter worth about $33,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Corning during the first quarter valued at about $33,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.3 %

Shares of NYSE:GLW opened at $46.66 on Monday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $47.45. The firm’s 50 day moving average price is $43.16 and its 200 day moving average price is $39.37. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock has a market cap of $39.97 billion, a price-to-earnings ratio of 65.72, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business 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 company’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the business earned $0.45 EPS. As a group, equities research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Corning’s dividend payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on GLW shares. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Barclays upped their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

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.