Signaturefd LLC Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

Signaturefd LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 6.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,751 shares of the electronics maker’s stock after selling 1,441 shares during the quarter. Signaturefd LLC’s holdings in Corning were worth $1,027,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. MBB Public Markets I LLC increased its holdings in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Corning during the 1st quarter worth about $653,000. Dark Forest Capital Management LP purchased a new position in Corning in the 2nd quarter valued at about $511,000. Financial Counselors Inc. boosted its holdings in Corning by 40.9% in the 1st quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock worth $10,316,000 after buying an additional 90,836 shares during the last quarter. Finally, Raymond James & Associates increased its stake in Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE GLW opened at $46.89 on Thursday. The stock has a fifty day simple moving average of $43.61 and a 200-day simple moving average of $39.63. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock has a market cap of $40.17 billion, a PE ratio of 66.04, a P/E/G ratio of 1.74 and a beta of 1.04. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $47.72.

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

Corning Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GLW. Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Barclays increased their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.23.

Corning 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.