Exchange Traded Concepts LLC Sells 17,691 Shares of Corning Incorporated (NYSE:GLW)

Exchange Traded Concepts LLC lowered its stake in Corning Incorporated (NYSE:GLW - Free Report) by 74.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,030 shares of the electronics maker's stock after selling 17,691 shares during the period. Exchange Traded Concepts LLC's holdings in Corning were worth $272,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GLW. Access Investment Management LLC purchased a new position in Corning in the 1st quarter valued at $28,000. City Holding Co. lifted its position in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after buying an additional 600 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Corning in the 1st quarter valued at $33,000. Register Financial Advisors LLC acquired a new stake in shares of Corning in the 1st quarter worth $33,000. Finally, ESL Trust Services LLC acquired a new stake in shares of Corning in the 1st quarter worth $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE GLW traded up $0.37 during midday trading on Monday, reaching $47.03. The company's stock had a trading volume of 5,224,598 shares, compared to its average volume of 5,727,830. Corning Incorporated has a one year low of $25.26 and a one year high of $47.45. The company has a 50 day moving average price of $43.31 and a 200 day moving average price of $39.47. The company has a market cap of $40.29 billion, a price-to-earnings ratio of 66.24, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the company posted $0.45 EPS. The business's quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

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 issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.38%. Corning's dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research report on Friday, September 20th. Bank of America boosted their price target on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, September 20th. Argus increased their price objective on Corning from $40.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, July 9th. Oppenheimer lifted their target price on Corning from $47.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $46.00 to $49.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.23.

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.