Corning Incorporated (NYSE:GLW) Shares Sold by Iat Reinsurance Co. LTD.

Iat Reinsurance Co. LTD. decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 27.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 267,350 shares of the electronics maker's stock after selling 100,000 shares during the period. Corning accounts for approximately 2.7% of Iat Reinsurance Co. LTD.'s portfolio, making the stock its 11th largest holding. Iat Reinsurance Co. LTD.'s holdings in Corning were worth $12,071,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. City Holding Co. grew its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after acquiring an additional 600 shares in the last quarter. Accordant Advisory Group Inc bought a new stake in shares of Corning during the second quarter valued at about $39,000. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the 3rd quarter worth about $39,000. Global Trust Asset Management LLC grew its stake in Corning by 2,250.0% during the 3rd 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 in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Corning during the 3rd quarter valued at about $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GLW has been the subject of several analyst reports. Mizuho upgraded Corning from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Morgan Stanley restated an "equal weight" rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, Barclays increased 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. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average target price of $50.08.

Corning Price Performance

Shares of NYSE GLW traded up $0.85 during trading on Tuesday, hitting $47.29. The company had a trading volume of 4,959,175 shares, compared to its average volume of 5,666,873. The firm has a market capitalization of $40.49 billion, a price-to-earnings ratio of 273.18, a price-to-earnings-growth ratio of 1.49 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The stock has a fifty day simple moving average of $45.85 and a two-hundred day simple moving average of $41.68. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. On average, research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio is presently 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.