Corning Incorporated (NYSE:GLW) Shares Sold by Portside Wealth Group LLC

Portside Wealth Group LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 24.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,472 shares of the electronics maker’s stock after selling 7,268 shares during the quarter. Portside Wealth Group LLC’s holdings in Corning were worth $1,015,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. MBB Public Markets I LLC increased its position in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Corning during the second quarter valued at about $511,000. National Pension Service raised its stake in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after acquiring an additional 152,922 shares during the period. Raymond James & Associates lifted its holdings in shares of Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after acquiring an additional 42,818 shares during the last quarter. Finally, Jackson Square Capital LLC purchased a new position in shares of Corning during the 3rd quarter worth approximately $990,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Shares of GLW opened at $48.74 on Friday. The firm has a market capitalization of $41.73 billion, a price-to-earnings ratio of 286.71, a PEG ratio of 1.54 and a beta of 1.03. The firm’s fifty day simple moving average is $45.10 and its 200-day simple moving average is $40.92. Corning Incorporated has a twelve month low of $26.94 and a twelve month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

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

Corning Dividend Announcement

The firm also recently declared 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 2.30%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 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.