BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stake in Corning Incorporated (NYSE:GLW)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 12.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 135,796 shares of the electronics maker's stock after selling 19,486 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Corning were worth $6,131,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its stake 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 acquiring an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after buying an additional 38,168 shares in the last quarter. FMR LLC grew its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Swiss National Bank grew its stake in Corning by 0.6% in the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker's stock worth $109,060,000 after buying an additional 14,900 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Corning by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker's stock worth $87,452,000 after buying an additional 10,311 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Down 0.1 %

NYSE:GLW traded down $0.07 during midday trading on Tuesday, reaching $49.17. 2,933,893 shares of the stock traded hands, compared to its average volume of 5,607,225. The company has a fifty day moving average of $46.95 and a 200 day moving average of $42.76. Corning Incorporated has a 12 month low of $28.30 and a 12 month high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market capitalization of $42.10 billion, a P/E ratio of 289.24, a PEG ratio of 1.57 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 EPS 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 business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business earned $0.45 EPS. The company's revenue for the quarter was up 6.9% on a year-over-year basis. On average, research analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.28%. Corning's dividend payout ratio (DPR) is presently 658.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on GLW shares. UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Bank of America boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, September 20th. JPMorgan Chase & Co. boosted their price target 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. Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.08.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.45% of the company's stock.

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.