Green Alpha Advisors LLC Trims Stake in Corning Incorporated (NYSE:GLW)

Green Alpha Advisors LLC cut its stake in Corning Incorporated (NYSE:GLW) by 4.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,419 shares of the electronics maker’s stock after selling 1,499 shares during the period. Corning accounts for approximately 1.1% of Green Alpha Advisors LLC’s portfolio, making the stock its 27th largest position. Green Alpha Advisors LLC’s holdings in Corning were worth $1,464,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Public Employees Retirement Association of Colorado increased its stake in shares of Corning by 17.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 120,591 shares of the electronics maker’s stock valued at $3,672,000 after purchasing an additional 17,915 shares in the last quarter. Cibc World Markets Corp boosted its holdings in Corning by 136.1% in the fourth quarter. Cibc World Markets Corp now owns 100,029 shares of the electronics maker’s stock worth $3,046,000 after acquiring an additional 57,658 shares in the last quarter. Pinebridge Investments L.P. grew its stake in shares of Corning by 75.3% in the fourth quarter. Pinebridge Investments L.P. now owns 46,030 shares of the electronics maker’s stock worth $1,401,000 after acquiring an additional 19,765 shares during the last quarter. Sompo Asset Management Co. Ltd. bought a new position in shares of Corning during the fourth quarter valued at $238,000. Finally, Personal CFO Solutions LLC raised its position in shares of Corning by 15.9% in the 4th quarter. Personal CFO Solutions LLC now owns 17,158 shares of the electronics maker’s stock worth $522,000 after purchasing an additional 2,355 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.79 during midday trading on Monday, hitting $44.10. The company had a trading volume of 3,170,525 shares, compared to its average volume of 5,787,824. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The company has a fifty day moving average of $41.81 and a two-hundred day moving average of $38.44. The company has a market cap of $37.77 billion, a price-to-earnings ratio of 62.11, a PEG ratio of 1.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the prior year, the business posted $0.45 earnings per share. The business’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.54%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GLW. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research note on Monday, June 17th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Barclays upped their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Finally, Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $47.00.

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.