Otter Creek Advisors LLC Sells 44,986 Shares of Corning Incorporated (NYSE:GLW)

Otter Creek Advisors LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 35.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 83,663 shares of the electronics maker's stock after selling 44,986 shares during the period. Corning makes up approximately 2.4% of Otter Creek Advisors LLC's investment portfolio, making the stock its 26th largest holding. Otter Creek Advisors LLC's holdings in Corning were worth $3,777,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of GLW. MBB Public Markets I LLC boosted its stake 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 valued at $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP bought a new position in Corning during the second quarter valued at about $511,000. National Pension Service boosted its stake in Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker's stock valued at $68,125,000 after buying an additional 152,922 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in Corning during the third quarter worth about $5,705,000. Finally, Los Angeles Capital Management LLC lifted its holdings in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock valued at $75,740,000 after acquiring an additional 1,145,955 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on GLW shares. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Mizuho raised Corning from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. Oppenheimer reissued an "outperform" rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Bank of America upped their price target on shares of Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.08.

Corning Stock Up 1.4 %

NYSE GLW traded up $0.65 on Friday, reaching $48.49. The stock had a trading volume of 2,085,256 shares, compared to its average volume of 5,639,803. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The business has a 50 day moving average price of $46.21 and a 200 day moving average price of $41.86. The company has a market capitalization of $41.52 billion, a price-to-earnings ratio of 282.15, a P/E/G ratio of 1.51 and a beta of 1.03.

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

Corning Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Corning's dividend payout ratio is currently 658.82%.

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.