QRG Capital Management Inc. Sells 9,262 Shares of Corning Incorporated (NYSE:GLW)

QRG Capital Management Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 20.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,240 shares of the electronics maker’s stock after selling 9,262 shares during the period. QRG Capital Management Inc.’s holdings in Corning were worth $1,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its position in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Natixis raised its position in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares during the last quarter. Pathway Financial Advisers LLC raised its position in shares of Corning by 4,306.9% during the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after buying an additional 1,026,626 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Corning by 10,626.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares during the last quarter. Finally, Shellback Capital LP bought a new stake in shares of Corning during the second quarter valued at approximately $34,483,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.0 %

GLW stock opened at $48.23 on Friday. The firm’s fifty day simple moving average is $44.83 and its two-hundred day simple moving average is $40.75. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.29 billion, a price-to-earnings ratio of 283.76, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. Corning Incorporated has a twelve month low of $26.94 and a twelve month high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The business 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is presently 658.82%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GLW shares. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Bank of America boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.