Massachusetts Financial Services Co. MA Sells 24,339 Shares of Corning Incorporated (NYSE:GLW)

Massachusetts Financial Services Co. MA lessened its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 0.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,603,550 shares of the electronics maker's stock after selling 24,339 shares during the period. Massachusetts Financial Services Co. MA owned about 0.54% of Corning worth $207,850,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD grew its position in shares of 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 buying an additional 4,464,893 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC increased 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 valued at $47,428,000 after purchasing an additional 1,026,626 shares during the period. Shellback Capital LP bought a new stake in shares of Corning in the 2nd quarter valued at about $34,483,000. Finally, Conning Inc. lifted its position in shares of Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock worth $39,778,000 after purchasing an additional 875,008 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is owned by corporate insiders.

Corning Price Performance

Shares of NYSE GLW opened at $48.50 on Friday. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The business's 50 day moving average price is $46.33 and its 200 day moving average price is $41.96. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.52 billion, a P/E ratio of 285.26, a P/E/G ratio of 1.53 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The firm 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%. The business's quarterly revenue 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. On average, sell-side analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning's payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on GLW shares. Oppenheimer reissued an "outperform" rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Finally, UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus 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.

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