Corning Incorporated (NYSE:GLW) Shares Sold by Verity & Verity LLC

Verity & Verity LLC lowered its position in shares of Corning Incorporated (NYSE:GLW) by 0.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 646,481 shares of the electronics maker’s stock after selling 1,327 shares during the quarter. Corning makes up approximately 2.9% of Verity & Verity LLC’s holdings, making the stock its 4th biggest holding. Verity & Verity LLC’s holdings in Corning were worth $29,189,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. City Holding Co. boosted its holdings in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Accordant Advisory Group Inc purchased a new position in Corning during the second quarter worth about $39,000. Cassady Schiller Wealth Management LLC purchased a new position in Corning during the third quarter worth about $39,000. Global Trust Asset Management LLC grew its holdings in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 3rd quarter valued at about $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GLW. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays upped their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Down 0.1 %

GLW opened at $46.44 on Tuesday. The firm’s 50 day moving average is $45.85 and its 200-day moving average is $41.68. 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 firm has a market capitalization of $39.76 billion, a P/E ratio of 273.18, a P/E/G ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results 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. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS. Analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid 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 2.41%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

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.