Corning Incorporated (NYSE:GLW) Shares Sold by Valicenti Advisory Services Inc.

Valicenti Advisory Services Inc. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 6.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,516 shares of the electronics maker’s stock after selling 9,324 shares during the quarter. Corning accounts for approximately 1.5% of Valicenti Advisory Services Inc.’s portfolio, making the stock its 24th largest holding. Valicenti Advisory Services Inc.’s holdings in Corning were worth $5,938,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Access Investment Management LLC acquired a new position in shares of Corning during the first quarter worth about $28,000. City Holding Co. increased its stake in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Register Financial Advisors LLC purchased a new stake in Corning during the first quarter worth about $33,000. Future Financial Wealth Managment LLC purchased a new stake in Corning during the first quarter worth about $33,000. Finally, ESL Trust Services LLC purchased a new stake in Corning during the first quarter worth about $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW opened at $46.81 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market capitalization of $40.10 billion, a price-to-earnings ratio of 65.93, a PEG ratio of 1.77 and a beta of 1.04. The company’s 50 day simple moving average is $43.61 and its 200 day simple moving average is $39.63. Corning Incorporated has a 1 year low of $26.37 and a 1 year high of $47.72.

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 the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for 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%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Argus boosted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

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.