Corning Incorporated (NYSE:GLW) Shares Sold by Principal Street Partners LLC

Principal Street Partners LLC decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 32.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 140,379 shares of the electronics maker's stock after selling 66,236 shares during the quarter. Corning comprises 1.0% of Principal Street Partners LLC's holdings, making the stock its 28th largest holding. Principal Street Partners LLC's holdings in Corning were worth $6,338,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker's stock worth $401,826,000 after buying an additional 426,864 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Corning by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker's stock worth $219,116,000 after buying an additional 38,168 shares during the last quarter. FMR LLC raised its stake in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Corning by 0.6% during the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker's stock valued at $109,060,000 after buying an additional 14,900 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Corning by 0.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker's stock valued at $87,452,000 after purchasing an additional 10,311 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company's stock, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by corporate insiders.

Corning Stock Down 0.5 %

NYSE GLW traded down $0.26 on Tuesday, reaching $48.00. 3,926,550 shares of the stock traded hands, compared to its average volume of 5,650,605. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. 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 company has a fifty day moving average price of $46.43 and a 200-day moving average price of $42.18. The company has a market cap of $41.10 billion, a price-to-earnings ratio of 284.06, a PEG ratio of 1.55 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 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 EPS. As a group, research analysts forecast that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

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 paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.33%. Corning's dividend payout ratio (DPR) is presently 658.82%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. Barclays lifted their price target 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. Oppenheimer reissued an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the stock a "positive" rating in a research note on Friday, September 20th. Finally, Mizuho upgraded shares of Corning from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.