Forum Financial Management LP Sells 286 Shares of Corning Incorporated (NYSE:GLW)

Forum Financial Management LP lessened its holdings in Corning Incorporated (NYSE:GLW) by 1.6% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,463 shares of the electronics maker’s stock after selling 286 shares during the quarter. Forum Financial Management LP’s holdings in Corning were worth $788,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. City Holding Co. grew its position in Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. ESL Trust Services LLC purchased a new stake in Corning in the first quarter worth about $33,000. Accordant Advisory Group Inc purchased a new position in Corning during the 2nd quarter valued at about $39,000. Global Trust Asset Management LLC raised its holdings in shares of 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 purchasing an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 3rd quarter valued at about $45,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $47.02 on Tuesday. Corning Incorporated has a one year low of $26.94 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm has a market cap of $40.24 billion, a price-to-earnings ratio of 276.59, a PEG ratio of 1.55 and a beta of 1.03. The firm’s fifty day moving average is $44.62 and its two-hundred day moving average is $40.58.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Analyst Ratings Changes

GLW has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group upped their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.