River Road Asset Management LLC Lowers Holdings in Corning Incorporated (NYSE:GLW)

River Road Asset Management LLC reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 49.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 527,899 shares of the electronics maker's stock after selling 507,460 shares during the period. River Road Asset Management LLC owned about 0.06% of Corning worth $23,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. MBB Public Markets I LLC lifted its stake in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock valued at $2,524,000 after purchasing an additional 57,800 shares during the period. Central Pacific Bank Trust Division purchased a new stake in Corning in the 1st quarter worth $653,000. Dark Forest Capital Management LP purchased a new stake in Corning in the 2nd quarter worth $511,000. Raymond James & Associates increased its holdings in Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker's stock worth $64,667,000 after acquiring an additional 42,818 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker's stock worth $640,000 after acquiring an additional 5,081 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.5 %

Shares of GLW stock traded up $0.25 on Tuesday, hitting $47.27. 4,495,024 shares of the stock traded hands, compared to its average volume of 5,739,089. The firm's 50-day moving average price is $44.71 and its two-hundred day moving average price is $40.69. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market capitalization of $40.45 billion, a PE ratio of 278.06, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a twelve month low of $26.94 and a twelve month high of $51.03.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given 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 yield of 2.37%. Corning's payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GLW. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. HSBC raised shares of Corning from a "reduce" rating to a "hold" rating and set a $37.00 price target for the company in a report on Tuesday, July 9th. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a report on Friday, September 20th. 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. Finally, 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. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus 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.