Corning Incorporated (NYSE:GLW) Shares Sold by XTX Topco Ltd

XTX Topco Ltd lowered its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 57.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,841 shares of the electronics maker's stock after selling 24,206 shares during the period. XTX Topco Ltd's holdings in Corning were worth $806,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in GLW. Zacks Investment Management purchased a new position in shares of Corning in the 3rd quarter valued at about $4,772,000. EP Wealth Advisors LLC raised its holdings in Corning by 2.4% in the third quarter. EP Wealth Advisors LLC now owns 15,446 shares of the electronics maker's stock valued at $697,000 after acquiring an additional 364 shares in the last quarter. Insigneo Advisory Services LLC grew its holdings in Corning by 4.7% during the 3rd quarter. Insigneo Advisory Services LLC now owns 7,683 shares of the electronics maker's stock worth $347,000 after acquiring an additional 345 shares in the last quarter. Kovitz Investment Group Partners LLC increased its position in shares of Corning by 32.6% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 402,605 shares of the electronics maker's stock valued at $17,399,000 after purchasing an additional 98,895 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Corning by 0.3% in the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker's stock valued at $1,771,029,000 after purchasing an additional 133,214 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE:GLW traded up $0.98 during midday trading on Thursday, reaching $48.61. The stock had a trading volume of 4,647,904 shares, compared to its average volume of 5,560,225. The stock has a market cap of $41.62 billion, a P/E ratio of 285.94, a P/E/G ratio of 1.55 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 12-month low of $29.14 and a 12-month high of $51.03. The firm has a fifty day simple moving average of $47.42 and a two-hundred day simple moving average of $43.24.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.45 earnings per share. On average, equities analysts expect that Corning Incorporated will post 1.95 EPS for the current 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 $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Corning's dividend payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GLW. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Susquehanna boosted their price target 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 raised their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Finally, Oppenheimer restated an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average target price of $50.08.

Insider Activity at Corning

In related 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 stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

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.