Corning Incorporated (NYSE:GLW) Stock Holdings Lowered by Creative Planning

Creative Planning decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 15.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 209,203 shares of the electronics maker’s stock after selling 38,102 shares during the period. Creative Planning’s holdings in Corning were worth $9,445,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% in 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 purchasing an additional 4,464,893 shares during the period. Natixis grew its position in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after acquiring an additional 1,003,556 shares during the last quarter. Shellback Capital LP acquired a new position in Corning during the 2nd quarter worth approximately $34,483,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $20,651,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 0.6 %

GLW stock opened at $47.31 on Wednesday. The firm has a market cap of $40.53 billion, a PE ratio of 66.63, a PEG ratio of 1.74 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a one year low of $25.26 and a one year high of $47.45. The firm’s 50 day moving average price is $43.46 and its 200-day moving average price is $39.58.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. On average, equities research analysts anticipate that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

Several research firms have weighed in on GLW. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. UBS Group lifted their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Citigroup upped their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Susquehanna upped their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, Oppenheimer boosted their price objective on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

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.