D.A. Davidson & CO. Trims Stake in Corning Incorporated (NYSE:GLW)

D.A. Davidson & CO. lowered its position in Corning Incorporated (NYSE:GLW) by 4.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 88,202 shares of the electronics maker’s stock after selling 3,856 shares during the quarter. D.A. Davidson & CO.’s holdings in Corning were worth $3,982,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC increased its stake in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its stake in Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after buying an additional 1,026,626 shares during the period. Shellback Capital LP purchased a new position in Corning in the 2nd quarter worth about $34,483,000. Conning Inc. increased its stake in Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after buying an additional 875,008 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Corning by 94.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,138,894 shares of the electronics maker’s stock worth $51,421,000 after buying an additional 554,474 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.5 %

GLW stock opened at $48.22 on Friday. The firm has a 50 day moving average of $46.70 and a 200 day moving average of $42.36. The stock has a market capitalization of $41.29 billion, a PE ratio of 283.65, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the business earned $0.45 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. 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 report on Wednesday, October 30th. Barclays raised their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

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.