Corning Incorporated (NYSE:GLW) Shares Sold by Empower Advisory Group LLC

Empower Advisory Group LLC lessened its position in shares of Corning Incorporated (NYSE:GLW) by 13.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 19,463 shares of the electronics maker’s stock after selling 3,010 shares during the period. Empower Advisory Group LLC’s holdings in Corning were worth $879,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Aptus Capital Advisors LLC grew its position in shares of Corning by 16.9% during the 3rd quarter. Aptus Capital Advisors LLC now owns 7,696 shares of the electronics maker’s stock valued at $347,000 after acquiring an additional 1,115 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in Corning by 0.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock worth $87,452,000 after purchasing an additional 10,311 shares in the last quarter. GSA Capital Partners LLP grew its holdings in Corning by 2.6% in the third quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock valued at $482,000 after purchasing an additional 274 shares during the period. Apollon Wealth Management LLC increased its position in shares of Corning by 3.4% in the third quarter. Apollon Wealth Management LLC now owns 43,368 shares of the electronics maker’s stock valued at $1,958,000 after buying an additional 1,415 shares in the last quarter. Finally, Versor Investments LP raised its stake in shares of Corning by 107.7% during the 3rd quarter. Versor Investments LP now owns 29,500 shares of the electronics maker’s stock worth $1,332,000 after buying an additional 15,300 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.3 %

Shares of GLW opened at $47.05 on Friday. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. 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 fifty day simple moving average of $45.51 and a two-hundred day simple moving average of $41.33. The company has a market capitalization of $40.28 billion, a PE ratio of 276.76, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent analyst reports. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Company 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.