Corning Incorporated (NYSE:GLW) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in Corning Incorporated (NYSE:GLW - Free Report) by 8.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 150,942 shares of the electronics maker's stock after selling 13,872 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Corning were worth $6,815,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC boosted its holdings in shares of Corning by 52.8% during the 3rd 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. Los Angeles Capital Management LLC raised its position in shares of Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC lifted its holdings in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock worth $47,428,000 after purchasing an additional 1,026,626 shares in the last quarter. Shellback Capital LP acquired a new stake in Corning in the 2nd quarter valued at $34,483,000. Finally, Conning Inc. increased its stake in Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker's stock valued at $39,778,000 after purchasing an additional 875,008 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Up 1.2 %

Shares of NYSE GLW traded up $0.57 during mid-day trading on Monday, reaching $49.24. The company had a trading volume of 4,779,664 shares, compared to its average volume of 5,618,747. The stock has a market cap of $42.16 billion, a price-to-earnings ratio of 289.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The business's 50-day moving average is $46.87 and its 200-day moving average is $42.66. Corning Incorporated has a 52 week low of $28.30 and a 52 week high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

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 analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 EPS. Equities analysts expect that Corning Incorporated will post 1.95 earnings per share 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 given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, November 15th. Corning's payout ratio is presently 658.82%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Susquehanna upped their price objective on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a report on Friday, September 20th. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, September 20th. Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 29th. Finally, UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $50.08.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company's stock, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.45% of the company's stock.

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.