Corning Incorporated (NYSE:GLW) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 7.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 165,752 shares of the electronics maker's stock after selling 13,361 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Corning were worth $7,391,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Modera Wealth Management LLC raised its holdings in shares of Corning by 46.3% in the 3rd quarter. Modera Wealth Management LLC now owns 20,271 shares of the electronics maker's stock valued at $915,000 after purchasing an additional 6,418 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in Corning by 0.5% during the third quarter. GHP Investment Advisors Inc. now owns 246,035 shares of the electronics maker's stock worth $11,109,000 after buying an additional 1,271 shares during the period. Benedict Financial Advisors Inc. boosted its position in Corning by 0.7% during the 3rd quarter. Benedict Financial Advisors Inc. now owns 104,398 shares of the electronics maker's stock valued at $4,714,000 after acquiring an additional 733 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Corning by 7.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,262,613 shares of the electronics maker's stock valued at $57,007,000 after acquiring an additional 91,816 shares during the period. Finally, PFG Investments LLC lifted its stake in shares of Corning by 5.0% during the 3rd quarter. PFG Investments LLC now owns 78,006 shares of the electronics maker's stock worth $3,522,000 after purchasing an additional 3,725 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of GLW stock traded down $0.45 on Thursday, reaching $47.59. 6,773,030 shares of the company were exchanged, compared to its average volume of 5,751,035. Corning Incorporated has a 1 year low of $26.41 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The business has a 50-day moving average price of $44.27 and a 200 day moving average price of $40.16. The company has a market cap of $40.77 billion, a price-to-earnings ratio of 67.66, a P/E/G ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. Equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, November 15th. Corning's payout ratio is 157.75%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Morgan Stanley restated an "equal weight" rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a report on Wednesday. Hsbc Global Res raised Corning from a "moderate sell" rating to a "hold" rating in a report on Tuesday, July 9th. Finally, Argus lifted their target price on shares of Corning from $40.00 to $50.00 and gave the company a "buy" rating in a report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.