Pathstone Holdings LLC Sells 12,680 Shares of Corning Incorporated (NYSE:GLW)

Pathstone Holdings LLC decreased its position in Corning Incorporated (NYSE:GLW - Free Report) by 5.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 220,090 shares of the electronics maker's stock after selling 12,680 shares during the period. Pathstone Holdings LLC's holdings in Corning were worth $9,937,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. City Holding Co. grew its holdings in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock valued at $32,000 after buying an additional 600 shares during the period. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning in the 3rd quarter valued at $39,000. Global Trust Asset Management LLC grew its holdings in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock valued at $42,000 after buying an additional 900 shares during the period. Venturi Wealth Management LLC grew its holdings in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker's stock valued at $45,000 after buying an additional 473 shares during the period. Finally, Accordant Advisory Group Inc acquired a new position in shares of Corning in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Up 0.1 %

Corning stock opened at $47.35 on Thursday. The stock has a market cap of $40.54 billion, a P/E ratio of 278.53, 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. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company's 50-day moving average price is $46.08 and its two-hundred day moving average price is $41.81.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share 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 firm earned $0.45 EPS. The business's revenue was up 6.9% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm 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 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 2.37%. Corning's payout ratio is presently 658.82%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GLW. Mizuho raised shares of Corning from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. 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 research note on Friday, September 20th. Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.08.

About Corning

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.