Hotchkis & Wiley Capital Management LLC Reduces Holdings in Corning Incorporated (NYSE:GLW)

Hotchkis & Wiley Capital Management LLC trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 54.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,672,272 shares of the electronics maker's stock after selling 3,208,480 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.31% of Corning worth $120,653,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GLW. City Holding Co. increased its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after buying an additional 600 shares during the period. Accordant Advisory Group Inc acquired a new position in shares of Corning in the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning during the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in Corning during the third quarter valued at approximately $40,000. Finally, Global Trust Asset Management LLC grew its position 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 worth $42,000 after acquiring an additional 900 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

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

Corning Price Performance

GLW traded down $0.07 on Tuesday, hitting $49.17. 2,933,893 shares of the stock were exchanged, compared to its average volume of 5,607,225. Corning Incorporated has a 12 month low of $28.30 and a 12 month high of $51.03. The business has a 50-day moving average of $46.87 and a two-hundred day moving average of $42.66. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The firm has a market capitalization of $42.10 billion, a price-to-earnings ratio of 289.06, a PEG ratio of 1.57 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last posted its 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 firm had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Friday, November 15th. Corning's dividend payout ratio is presently 658.82%.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Oppenheimer restated an "outperform" rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays raised their price target on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Finally, Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $50.08.

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.