Corning Incorporated (NYSE:GLW) Shares Sold by Principal Street Partners LLC

Principal Street Partners LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 32.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 140,379 shares of the electronics maker’s stock after selling 66,236 shares during the period. Corning makes up about 1.0% of Principal Street Partners LLC’s holdings, making the stock its 28th largest holding. Principal Street Partners LLC’s holdings in Corning were worth $6,338,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of GLW. City Holding Co. boosted its holdings in Corning by 545.5% during 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 period. Accordant Advisory Group Inc acquired a new stake in shares of Corning during the second quarter worth about $39,000. Cassady Schiller Wealth Management LLC purchased a new position in shares of Corning in the third quarter valued at approximately $39,000. Global Trust Asset Management LLC grew its holdings in shares of Corning by 2,250.0% in 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 purchased a new stake in Corning during the 3rd quarter worth approximately $45,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Down 0.5 %

GLW stock opened at $48.26 on Tuesday. The stock has a market cap of $41.32 billion, a P/E ratio of 284.06, a PEG ratio of 1.55 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The company’s 50 day moving average is $46.43 and its two-hundred day moving average is $42.18.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping 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 firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the business earned $0.45 EPS. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal 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 issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Analyst Ratings Changes

Several brokerages have commented on GLW. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a 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 report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Barclays upped their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Insider Activity at Corning

In related news, 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 sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.45% of the company’s stock.

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.