Olstein Capital Management L.P. Lowers Stake in Corning Incorporated (NYSE:GLW)

Olstein Capital Management L.P. cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 21.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 167,000 shares of the electronics maker's stock after selling 45,000 shares during the period. Olstein Capital Management L.P.'s holdings in Corning were worth $7,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker's stock valued at $566,941,000 after buying an additional 4,464,893 shares during the period. Natixis increased its stake in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker's stock worth $59,585,000 after acquiring an additional 1,735,638 shares during the last quarter. Pathway Financial Advisers LLC raised its position in Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock valued at $47,428,000 after purchasing an additional 1,026,626 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Corning by 10,626.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker's stock valued at $33,388,000 after purchasing an additional 1,003,556 shares during the last quarter. Finally, Shellback Capital LP purchased a new position in shares of Corning during the 2nd quarter worth $34,483,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Analysts Set New Price Targets

GLW has been the topic of several research analyst reports. Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a report on Friday, September 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. Morgan Stanley reiterated an "equal weight" rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Finally, Bank of America raised their price objective on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $50.08.

Corning Stock Down 0.0 %

Corning stock traded down $0.02 during midday trading on Thursday, reaching $48.23. The company's stock had a trading volume of 2,831,808 shares, compared to its average volume of 5,722,570. The company has a market cap of $41.29 billion, a P/E ratio of 283.76, a P/E/G ratio of 1.51 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a 50-day simple moving average of $44.83 and a 200-day simple moving average of $40.75. Corning Incorporated has a fifty-two week low of $26.94 and a fifty-two week 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 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. The firm's revenue was up 6.9% compared to the same quarter last year. On average, research analysts expect that Corning Incorporated will post 1.95 earnings per share 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 given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning's dividend payout ratio (DPR) is presently 658.82%.

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.