The Manufacturers Life Insurance Company Sells 11,482 Shares of Corning Incorporated (NYSE:GLW)

The Manufacturers Life Insurance Company reduced its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 2.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 483,438 shares of the electronics maker's stock after selling 11,482 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Corning worth $21,827,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Los Angeles Capital Management LLC raised its holdings in Corning by 215.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock worth $47,428,000 after acquiring an additional 1,026,626 shares in the last quarter. Shellback Capital LP acquired a new stake in shares of Corning during the second quarter worth $34,483,000. Conning Inc. lifted its position in Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock valued at $39,778,000 after acquiring an additional 875,008 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Corning by 94.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,138,894 shares of the electronics maker's stock worth $51,421,000 after purchasing an additional 554,474 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Stock Performance

GLW traded up $0.45 on Friday, reaching $48.67. The company had a trading volume of 2,409,764 shares, compared to its average volume of 4,144,529. The stock has a market cap of $41.67 billion, a P/E ratio of 286.29, a P/E/G ratio of 1.56 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a fifty-two week low of $28.02 and a fifty-two week high of $51.03. The company's fifty day moving average is $46.78 and its 200 day moving average is $42.56.

Corning (NYSE:GLW - Get Free Report) last posted its 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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Friday, November 15th. Corning's dividend payout ratio is currently 658.82%.

Insider Transactions at Corning

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, 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. Insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Oppenheimer reissued an "outperform" rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research report on Friday, September 20th. Mizuho raised Corning from a "neutral" rating to an "outperform" rating and increased their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Finally, UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $50.08.

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.