Hexagon Capital Partners LLC Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Hexagon Capital Partners LLC reduced its position in Corning Incorporated (NYSE:GLW) by 11.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,822 shares of the electronics maker’s stock after selling 504 shares during the period. Hexagon Capital Partners LLC’s holdings in Corning were worth $173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Grove Bank & Trust lifted its stake in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the period. Burns J W & Co. Inc. NY lifted its stake in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after purchasing an additional 251 shares during the period. Long Run Wealth Advisors LLC lifted its stake in shares of Corning by 0.8% in the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after purchasing an additional 274 shares during the period. Mark Sheptoff Financial Planning LLC lifted its stake in shares of Corning by 21.2% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares during the period. Finally, Legacy Capital Group California Inc. lifted its stake in shares of Corning by 1.0% in the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Down 1.5 %

Shares of GLW opened at $46.02 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $47.45. The firm has a 50-day moving average price of $42.07 and a 200 day moving average price of $38.66. The firm has a market capitalization of $39.38 billion, a P/E ratio of 92.04, a P/E/G ratio of 1.80 and a beta of 1.04.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. Sell-side analysts forecast that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 224.00%.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Barclays upped their price objective on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. JPMorgan Chase & Co. upped their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target of $47.23.

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.