Iat Reinsurance Co. LTD. Decreases Position in Corning Incorporated (NYSE:GLW)

Iat Reinsurance Co. LTD. trimmed its position in Corning Incorporated (NYSE:GLW) by 27.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 267,350 shares of the electronics maker’s stock after selling 100,000 shares during the period. Corning comprises about 2.7% of Iat Reinsurance Co. LTD.’s portfolio, making the stock its 11th largest holding. Iat Reinsurance Co. LTD.’s holdings in Corning were worth $12,071,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GLW. City Holding Co. boosted its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Accordant Advisory Group Inc acquired a new position in shares of Corning during the 2nd quarter worth approximately $39,000. Cassady Schiller Wealth Management LLC acquired a new position in shares of Corning during the 3rd quarter worth approximately $39,000. Global Trust Asset Management LLC boosted its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the 3rd quarter worth approximately $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Down 0.1 %

Corning stock opened at $46.44 on Tuesday. 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 stock’s fifty day simple moving average is $45.85 and its 200-day simple moving average is $41.68. The firm has a market capitalization of $39.76 billion, a P/E ratio of 273.18, a P/E/G ratio of 1.49 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 issued 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 firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued 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 2.41%. Corning’s dividend payout ratio is currently 658.82%.

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.