Brown Brothers Harriman & Co. Lowers Position in Corning Incorporated (NYSE:GLW)

Brown Brothers Harriman & Co. decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,056 shares of the electronics maker’s stock after selling 231 shares during the period. Brown Brothers Harriman & Co.’s holdings in Corning were worth $409,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. City Holding Co. raised 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 during the period. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the 3rd quarter worth $39,000. Global Trust Asset Management LLC boosted its position in 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 buying an additional 900 shares during the last quarter. Venturi Wealth Management LLC grew its stake in shares of Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares in the last quarter. Finally, Accordant Advisory Group Inc purchased a new stake in shares of Corning during the second quarter worth about $39,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 0.5 %

Shares of NYSE:GLW opened at $48.22 on Thursday. The company has a 50 day moving average of $46.62 and a 200-day moving average of $42.32. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.29 billion, a P/E ratio of 283.65, a P/E/G ratio of 1.53 and a beta of 1.03. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid 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 2.32%. Corning’s dividend payout ratio is currently 658.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GLW shares. UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Bank of America lifted their price target 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Susquehanna lifted their price target on 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, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

About Corning

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.