LMR Partners LLP Sells 199,996 Shares of Corning Incorporated (NYSE:GLW)

LMR Partners LLP lessened its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 28.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 500,000 shares of the electronics maker's stock after selling 199,996 shares during the period. LMR Partners LLP owned about 0.06% of Corning worth $22,575,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Corning by 0.5% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 444,777 shares of the electronics maker's stock valued at $14,659,000 after purchasing an additional 2,079 shares in the last quarter. TIAA Trust National Association boosted its position in shares of Corning by 13.3% in the 1st quarter. TIAA Trust National Association now owns 12,778 shares of the electronics maker's stock valued at $421,000 after purchasing an additional 1,496 shares during the period. Jacobi Capital Management LLC boosted its holdings in shares of Corning by 11.1% in the first quarter. Jacobi Capital Management LLC now owns 10,212 shares of the electronics maker's stock worth $337,000 after buying an additional 1,020 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Corning by 21.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker's stock worth $975,000 after purchasing an additional 5,151 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of Corning by 3.1% during the first quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker's stock valued at $812,000 after buying an additional 743 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

GLW stock traded down $0.06 during midday trading on Monday, reaching $46.43. 1,689,164 shares of the company's stock traded hands, compared to its average volume of 5,661,518. The company has a 50-day simple moving average of $45.74 and a two-hundred day simple moving average of $41.59. 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 Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The company has a market cap of $39.75 billion, a price-to-earnings ratio of 273.47, a PEG ratio of 1.49 and a beta of 1.03.

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

Corning Announces Dividend

The firm 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. Corning's payout ratio is presently 658.82%.

Analyst Ratings Changes

Several research firms have recently commented on GLW. Morgan Stanley restated an "equal weight" rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Barclays increased their target price on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Finally, Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.