ING Groep NV Sells 156,644 Shares of Corning Incorporated (NYSE:GLW)

ING Groep NV cut its stake in shares of Corning Incorporated (NYSE:GLW) by 38.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 252,098 shares of the electronics maker’s stock after selling 156,644 shares during the period. ING Groep NV’s holdings in Corning were worth $11,382,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after purchasing an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Corning by 0.5% in 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 during the period. Natixis raised its position in shares of Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after buying an additional 1,735,638 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Trading Down 0.3 %

NYSE GLW opened at $47.05 on Friday. The firm has a market cap of $40.28 billion, a PE ratio of 276.76, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The stock has a 50-day moving average of $45.51 and a 200-day moving average of $41.33. 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 data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 is Friday, November 15th. 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.