Zurcher Kantonalbank Zurich Cantonalbank Has $6.82 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of Corning Incorporated (NYSE:GLW) by 8.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 150,942 shares of the electronics maker’s stock after selling 13,872 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Corning were worth $6,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. True Vision MN LLC acquired a new position in shares of Corning in the third quarter valued at about $396,000. RPg Family Wealth Advisory LLC bought a new stake in Corning in the 3rd quarter valued at about $40,000. CreativeOne Wealth LLC grew its position in shares of Corning by 20.5% during the 3rd quarter. CreativeOne Wealth LLC now owns 9,944 shares of the electronics maker’s stock worth $449,000 after purchasing an additional 1,689 shares in the last quarter. Bridgewater Associates LP bought a new position in shares of Corning during the third quarter worth approximately $6,939,000. Finally, Capital Counsel LLC NY acquired a new stake in shares of Corning in the third quarter valued at approximately $226,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Susquehanna upped their price objective 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. Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Price Performance

Shares of NYSE:GLW opened at $48.67 on Monday. Corning Incorporated has a one year low of $28.02 and a one year high of $51.03. 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 company has a market cap of $41.67 billion, a price-to-earnings ratio of 286.29, a PEG ratio of 1.56 and a beta of 1.03. The firm has a 50 day simple moving average of $46.78 and a 200 day simple moving average of $42.56.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 EPS. Research analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal 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 issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 658.82%.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s 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. 0.40% of the stock is currently owned by insiders.

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.