Riverwater Partners LLC Lowers Holdings in Corning Incorporated (NYSE:GLW)

Riverwater Partners LLC lowered its holdings in Corning Incorporated (NYSE:GLW) by 1.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,823 shares of the electronics maker’s stock after selling 274 shares during the quarter. Riverwater Partners LLC’s holdings in Corning were worth $756,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after acquiring an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Corning by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after purchasing an additional 42,832 shares during the period. Natixis increased its holdings in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the last quarter. Finally, Raymond James & Associates raised its position in Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 0.9 %

Shares of NYSE:GLW opened at $46.89 on Thursday. The firm has a 50 day simple moving average of $43.61 and a 200-day simple moving average of $39.63. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $47.72. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $40.12 billion, a PE ratio of 93.78, a P/E/G ratio of 1.77 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, equities analysts predict that Corning Incorporated will post 1.91 EPS 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 paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.39%. Corning’s dividend payout ratio is presently 224.00%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GLW shares. Argus lifted their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Bank of America upped their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. UBS Group raised their price target on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Company 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.