Creative Planning Sells 38,102 Shares of Corning Incorporated (NYSE:GLW)

Creative Planning cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 15.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 209,203 shares of the electronics maker's stock after selling 38,102 shares during the quarter. Creative Planning's holdings in Corning were worth $9,445,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. MBB Public Markets I LLC grew its holdings in Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock worth $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Corning in the 1st quarter valued at about $653,000. Dark Forest Capital Management LP acquired a new position in shares of Corning in the 2nd quarter worth approximately $511,000. Financial Counselors Inc. raised its stake in Corning by 40.9% during the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker's stock worth $10,316,000 after buying an additional 90,836 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker's stock valued at $64,667,000 after buying an additional 42,818 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Trading Up 0.6 %

Shares of GLW stock opened at $47.31 on Wednesday. The firm has a market cap of $40.53 billion, a P/E ratio of 66.63, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $47.45. The business has a 50-day moving average price of $43.46 and a two-hundred day moving average price of $39.58.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm's revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. Equities analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning's payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GLW shares. Barclays increased their price objective on shares of Corning from $36.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, July 29th. Argus increased their price target on Corning from $40.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, July 9th. Citigroup boosted their price target on shares of Corning from $45.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, July 12th. Finally, Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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.