Otter Creek Advisors LLC Sells 44,986 Shares of Corning Incorporated (NYSE:GLW)

Otter Creek Advisors LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 35.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 83,663 shares of the electronics maker’s stock after selling 44,986 shares during the period. Corning accounts for 2.4% of Otter Creek Advisors LLC’s holdings, making the stock its 26th biggest holding. Otter Creek Advisors LLC’s holdings in Corning were worth $3,777,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. City Holding Co. boosted its stake in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Accordant Advisory Group Inc bought a new position in shares of Corning during the second quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the third quarter valued at approximately $39,000. Global Trust Asset Management LLC boosted its stake in shares of Corning by 2,250.0% during the third 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 position in shares of Corning during the third quarter valued at approximately $45,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on GLW. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Up 1.3 %

GLW stock opened at $47.97 on Friday. The firm has a market cap of $41.07 billion, a PE ratio of 282.15, a P/E/G ratio of 1.51 and a beta of 1.03. 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’s fifty day moving average is $46.21 and its 200 day moving average is $41.86. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03.

Corning (NYSE:GLW) last released 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. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned $0.45 earnings per share. On average, research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.34%. Corning’s dividend payout ratio is presently 658.82%.

Corning 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.