CORDA Investment Management LLC. Trims Stock Position in Corning Incorporated (NYSE:GLW)

CORDA Investment Management LLC. lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 2.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 588,945 shares of the electronics maker's stock after selling 13,832 shares during the period. Corning makes up approximately 2.1% of CORDA Investment Management LLC.'s holdings, making the stock its 27th largest position. CORDA Investment Management LLC. owned about 0.07% of Corning worth $26,591,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GLW. City Holding Co. grew its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after acquiring an additional 600 shares during the period. ESL Trust Services LLC bought a new stake in shares of Corning during the 1st quarter valued at $33,000. Accordant Advisory Group Inc bought a new stake in shares of Corning during the 2nd quarter valued at $39,000. Global Trust Asset Management LLC boosted its holdings in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock worth $42,000 after buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in Corning in the 3rd quarter worth $45,000. Institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE GLW traded down $1.34 during mid-day trading on Monday, hitting $47.02. 4,308,790 shares of the company's stock traded hands, compared to its average volume of 5,744,927. The company's 50-day moving average is $44.52 and its two-hundred day moving average is $40.47. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98. The company has a market capitalization of $40.24 billion, a P/E ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. Corning Incorporated has a 1 year low of $26.94 and a 1 year high of $51.03.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning's dividend payout ratio (DPR) is currently 658.82%.

Analysts Set New Price Targets

Several research analysts recently weighed in on GLW shares. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped 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. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. HSBC upgraded shares of Corning from a "reduce" rating to a "hold" rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Finally, Argus boosted their price target on shares of Corning from $40.00 to $50.00 and gave the stock a "buy" rating in a research note on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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.