Garner Asset Management Corp Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Garner Asset Management Corp cut its stake in Corning Incorporated (NYSE:GLW) by 0.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 50,695 shares of the electronics maker’s stock after selling 440 shares during the quarter. Corning makes up approximately 1.0% of Garner Asset Management Corp’s portfolio, making the stock its 27th biggest holding. Garner Asset Management Corp’s holdings in Corning were worth $2,289,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. City Holding Co. increased its holdings in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the third quarter valued at about $39,000. Global Trust Asset Management LLC increased its holdings in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after buying an additional 900 shares in the last quarter. Venturi Wealth Management LLC increased its stake in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares in the last quarter. Finally, Accordant Advisory Group Inc purchased a new position in shares of Corning during the 2nd quarter worth approximately $39,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.40% of the company’s stock.

Corning Stock Up 1.4 %

Shares of NYSE GLW opened at $48.52 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.54 billion, a PE ratio of 285.41, a P/E/G ratio of 1.55 and a beta of 1.03. The firm has a fifty day moving average of $46.33 and a 200-day moving average of $42.02. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company 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%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share. On average, analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.31%. Corning’s dividend payout ratio is currently 658.82%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on GLW shares. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Bank of America raised their price objective 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. Susquehanna raised their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Finally, UBS Group raised their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.08.

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.