UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 405,836 Shares of Corning Incorporated (NYSE:GLW)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 7.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,982,383 shares of the electronics maker’s stock after selling 405,836 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.58% of Corning worth $224,955,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. City Holding Co. lifted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Accordant Advisory Group Inc bought a new position in shares of Corning during the 2nd quarter worth about $39,000. Cassady Schiller Wealth Management LLC bought a new stake in Corning in the 3rd quarter valued at about $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning during the 3rd quarter worth approximately $40,000. Finally, Global Trust Asset Management LLC boosted its holdings in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. UBS Group boosted their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, Oppenheimer reaffirmed 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. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Up 0.9 %

Shares of Corning stock opened at $48.67 on Friday. The stock has a fifty day moving average price of $46.78 and a 200-day moving average price of $42.46. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The firm has a market cap of $41.67 billion, a PE ratio of 286.29, a P/E/G ratio of 1.54 and a beta of 1.03. Corning Incorporated has a 1 year low of $28.02 and a 1 year high of $51.03.

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

Corning Announces Dividend

The company also recently disclosed 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 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on 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 0.40% of the company’s stock.

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.