tru Independence LLC Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

tru Independence LLC trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 18.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,519 shares of the electronics maker's stock after selling 34,579 shares during the quarter. Corning accounts for 2.0% of tru Independence LLC's portfolio, making the stock its 12th biggest holding. tru Independence LLC's holdings in Corning were worth $6,796,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Corning by 25.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker's stock worth $752,000 after purchasing an additional 4,588 shares in the last quarter. Empowered Funds LLC raised its position in Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker's stock worth $640,000 after buying an additional 5,081 shares during the last quarter. Wealthspire Advisors LLC bought a new position in Corning during the 1st quarter valued at about $206,000. Forsta AP Fonden boosted its holdings in shares of Corning by 11.9% during the 1st quarter. Forsta AP Fonden now owns 175,200 shares of the electronics maker's stock valued at $5,775,000 after acquiring an additional 18,600 shares during the last quarter. Finally, QRG Capital Management Inc. grew its stake in shares of Corning by 7.3% in the first quarter. QRG Capital Management Inc. now owns 44,161 shares of the electronics maker's stock worth $1,456,000 after acquiring an additional 2,991 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE GLW traded up $0.20 during mid-day trading on Monday, reaching $48.92. The company's stock had a trading volume of 2,992,108 shares, compared to its average volume of 5,705,950. The stock has a fifty day moving average of $45.10 and a two-hundred day moving average of $41.05. The firm has a market capitalization of $41.89 billion, a PE ratio of 286.59, a P/E/G ratio of 1.56 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.41 and a 52 week high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the firm posted $0.45 EPS. The company's revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

GLW has been the topic of several research reports. Susquehanna raised their target price 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 lifted their price objective on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 29th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Finally, UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.