Corning Incorporated (NYSE:GLW) Stake Reduced by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its holdings in Corning Incorporated (NYSE:GLW) by 1.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 608,775 shares of the electronics maker’s stock after selling 6,618 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Corning were worth $27,486,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its stake in Corning by 35.1% during the 1st 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 acquiring an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Corning by 0.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after acquiring an additional 10,311 shares in the last quarter. Natixis grew its stake in shares of 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 buying an additional 1,735,638 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on GLW shares. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Barclays boosted their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Bank of America boosted 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. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Corning Stock Performance

Shares of NYSE GLW traded down $0.04 during trading hours on Wednesday, reaching $48.28. The stock had a trading volume of 597,423 shares, compared to its average volume of 5,675,528. The business’s fifty day moving average is $45.24 and its two-hundred day moving average is $41.17. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market cap of $41.34 billion, a price-to-earnings ratio of 284.24, a PEG ratio of 1.57 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, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. As a group, research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

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 given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 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.