Corning Incorporated (NYSE:GLW) Shares Sold by Wallace Advisory Group LLC

Wallace Advisory Group LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,040 shares of the electronics maker’s stock after selling 432 shares during the period. Wallace Advisory Group LLC’s holdings in Corning were worth $589,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Access Investment Management LLC acquired a new position in shares of Corning in the 1st quarter worth $28,000. Future Financial Wealth Managment LLC acquired a new stake in Corning during the 1st quarter worth about $33,000. Register Financial Advisors LLC acquired a new stake in Corning during the 1st quarter worth about $33,000. ESL Trust Services LLC purchased a new stake in Corning during the first quarter valued at about $33,000. Finally, Riverview Trust Co acquired a new position in shares of Corning in the first quarter worth about $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Up 0.7 %

Shares of GLW traded up $0.29 during trading hours on Friday, hitting $44.88. 2,369,989 shares of the company were exchanged, compared to its average volume of 5,801,446. The firm’s 50 day moving average is $41.81 and its 200-day moving average is $38.36. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a market cap of $38.45 billion, a PE ratio of 63.21, a PEG ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 earnings per share. On average, equities research analysts forecast that Corning Incorporated will post 1.91 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. Investors 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 yield of 2.50%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. UBS Group upped their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays increased their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.00.

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.