Advisors Asset Management Inc. Cuts Stake in Corning Incorporated (NYSE:GLW)

Advisors Asset Management Inc. lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 7.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 633,664 shares of the electronics maker's stock after selling 50,078 shares during the period. Corning comprises about 0.5% of Advisors Asset Management Inc.'s portfolio, making the stock its 26th largest position. Advisors Asset Management Inc. owned about 0.07% of Corning worth $28,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. City Holding Co. raised its stake in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC bought a new stake in Corning in the third quarter worth about $39,000. Global Trust Asset Management LLC boosted its stake in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after acquiring an additional 900 shares during the last quarter. Venturi Wealth Management LLC increased its stake in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker's stock worth $45,000 after purchasing an additional 473 shares during the last quarter. Finally, Accordant Advisory Group Inc bought a new stake in shares of Corning in the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of NYSE GLW traded up $0.06 during trading on Wednesday, reaching $47.35. 4,422,025 shares of the company traded hands, compared to its average volume of 5,659,026. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a 50 day simple moving average of $45.97 and a 200-day simple moving average of $41.78. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. The stock has a market capitalization of $40.54 billion, a PE ratio of 278.24, a P/E/G ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter in the prior year, the business earned $0.45 EPS. The business's quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The business 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 is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. Corning's payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

GLW has been the topic of several research reports. Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. StockNews.com raised shares of Corning from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, Susquehanna boosted their price objective on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $50.08.

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.