DekaBank Deutsche Girozentrale Sells 13,361 Shares of Corning Incorporated (NYSE:GLW)

DekaBank Deutsche Girozentrale lowered its stake in Corning Incorporated (NYSE:GLW) by 7.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 165,752 shares of the electronics maker’s stock after selling 13,361 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Corning were worth $7,391,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MBB Public Markets I LLC lifted its position in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Corning in the first quarter valued at approximately $653,000. Dark Forest Capital Management LP bought a new stake in Corning in the second quarter valued at approximately $511,000. Financial Counselors Inc. raised its holdings in shares of Corning by 40.9% during the first quarter. Financial Counselors Inc. now owns 312,977 shares of the electronics maker’s stock valued at $10,316,000 after acquiring an additional 90,836 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in shares of Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 2.0 %

NYSE GLW opened at $48.04 on Thursday. Corning Incorporated has a 12 month low of $26.41 and a 12 month high of $51.03. The stock has a market cap of $41.15 billion, a P/E ratio of 67.66, a P/E/G ratio of 1.73 and a beta of 1.04. The stock’s fifty day moving average price is $44.27 and its 200-day moving average price is $40.16. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released 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. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analysts Set New Price Targets

A number of brokerages recently commented on GLW. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday. Finally, Argus upped their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.