Legacy Capital Group California Inc. Sells 1,641 Shares of Corning Incorporated (NYSE:GLW)

Legacy Capital Group California Inc. cut its holdings in Corning Incorporated (NYSE:GLW) by 5.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 27,222 shares of the electronics maker’s stock after selling 1,641 shares during the period. Legacy Capital Group California Inc.’s holdings in Corning were worth $1,229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. West Oak Capital LLC boosted its position in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares during the period. Grove Bank & Trust raised its stake in shares of Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares in the last quarter. Brown Lisle Cummings Inc. raised its stake in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY raised its stake in shares of Corning by 1.9% during the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after acquiring an additional 251 shares in the last quarter. Finally, Long Run Wealth Advisors LLC raised its stake in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after acquiring an additional 274 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 0.2 %

Shares of Corning stock opened at $46.81 on Friday. Corning Incorporated has a 52-week low of $26.37 and a 52-week high of $47.72. The company has a 50 day moving average of $43.61 and a 200 day moving average of $39.63. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $40.10 billion, a P/E ratio of 65.93, a P/E/G ratio of 1.77 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, research analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Oppenheimer boosted their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Finally, UBS Group increased their price target on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.