TCW Group Inc. Decreases Stock Holdings in Corning Incorporated (NYSE:GLW)

TCW Group Inc. lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 2.2% during the third quarter, HoldingsChannel.com reports. The fund owned 10,873 shares of the electronics maker’s stock after selling 250 shares during the quarter. TCW Group Inc.’s holdings in Corning were worth $491,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. City Holding Co. lifted its position in 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 purchased a new position in shares of Corning in the 3rd quarter worth $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning in the 3rd quarter worth $40,000. Global Trust Asset Management LLC increased its position in 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 acquiring an additional 900 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in 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 during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of Corning stock opened at $48.61 on Friday. The company has a market capitalization of $41.62 billion, a price-to-earnings ratio of 285.94, a PEG ratio of 1.52 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. The stock’s 50-day simple moving average is $47.42 and its 200-day simple moving average is $43.24. Corning Incorporated has a 52 week low of $29.14 and a 52 week high of $51.03.

Corning (NYSE:GLW) last posted its quarterly 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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm earned $0.45 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The business 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 is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.30%. 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 the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent research reports. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Wednesday, December 4th. UBS Group upped their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average 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.