Corning Incorporated (NYSE:GLW) Shares Sold by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 78.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,273 shares of the electronics maker's stock after selling 23,340 shares during the period. Concurrent Investment Advisors LLC's holdings in Corning were worth $283,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in GLW. Price T Rowe Associates Inc. MD raised its stake in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker's stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the period. Natixis lifted its stake 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 in the last quarter. Pathway Financial Advisers LLC lifted its position in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock worth $47,428,000 after acquiring an additional 1,026,626 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake 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 valued at $33,388,000 after purchasing an additional 1,003,556 shares during the period. Finally, Shellback Capital LP bought a new stake in Corning in the 2nd quarter valued at about $34,483,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on GLW shares. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Oppenheimer restated an "outperform" rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research report on Thursday, October 31st. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $50.08.

Corning Price Performance

Shares of NYSE GLW traded down $0.54 during trading on Tuesday, reaching $48.38. The company had a trading volume of 2,417,574 shares, compared to its average volume of 5,690,938. Corning Incorporated has a 52 week low of $27.41 and a 52 week high of $51.03. The business's 50 day moving average price is $45.24 and its 200-day moving average price is $41.17. 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 cap of $41.42 billion, a PE ratio of 287.76, a PEG ratio of 1.56 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. Analysts expect 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. Shareholders of record on Friday, November 15th will be paid 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 yield of 2.32%. Corning's payout ratio is currently 658.82%.

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.