Compass Wealth Management LLC Sells 8,854 Shares of Corning Incorporated (NYSE:GLW)

Compass Wealth Management LLC reduced its position in shares of Corning Incorporated (NYSE:GLW) by 10.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 75,390 shares of the electronics maker’s stock after selling 8,854 shares during the period. Compass Wealth Management LLC’s holdings in Corning were worth $3,404,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its position in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. 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 worth $401,826,000 after buying an additional 426,864 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Corning by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after buying an additional 42,832 shares during the period. Natixis grew its position in shares of Corning by 2,405.2% during the 1st 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 during the period. Finally, Raymond James & Associates grew its position in shares of Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares during the period. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several recent analyst reports. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Bank of America lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note 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 research note on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Stock Up 0.8 %

GLW traded up $0.37 during trading on Thursday, reaching $46.38. 870,014 shares of the stock were exchanged, compared to its average volume of 5,738,183. The stock has a market cap of $39.73 billion, a P/E ratio of 64.80, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $47.45. The stock’s 50 day moving average price is $42.83 and its two-hundred day moving average price is $39.13. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last issued its earnings results 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. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. Equities analysts expect that Corning Incorporated will post 1.91 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. Corning’s payout ratio is presently 157.75%.

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.