Corning Incorporated (NYSE:GLW) Shares Sold by Telemark Asset Management LLC

Telemark Asset Management LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 20.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,000 shares of the electronics maker's stock after selling 100,000 shares during the period. Corning makes up 1.8% of Telemark Asset Management LLC's holdings, making the stock its 14th biggest position. Telemark Asset Management LLC's holdings in Corning were worth $18,060,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Price T Rowe Associates Inc. MD boosted its stake in shares of Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker's stock worth $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 426,864 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Corning by 0.8% during 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 purchasing an additional 38,168 shares during the period. Swiss National Bank increased 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 purchasing an additional 14,900 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Corning by 0.5% in the 3rd 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 period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of NYSE:GLW traded up $0.65 during midday trading on Friday, hitting $48.50. The company had a trading volume of 3,253,225 shares, compared to its average volume of 5,644,656. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The stock has a market cap of $41.52 billion, a price-to-earnings ratio of 282.15, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business's 50-day simple moving average is $46.21 and its 200-day simple moving average is $41.86.

Corning (NYSE:GLW - Get Free Report) last released its 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. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. On average, research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid 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 yield of 2.31%. Corning's dividend payout ratio is presently 658.82%.

Analyst Ratings Changes

A number of research firms have weighed in on GLW. Morgan Stanley reaffirmed an "equal weight" rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Susquehanna lifted their price target on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted 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. Finally, Oppenheimer reiterated an "outperform" rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $50.08.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's 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 sale, the senior vice president now owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.40% of the stock is currently owned by insiders.

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.