abrdn plc Sells 9,805 Shares of Corning Incorporated (NYSE:GLW)

abrdn plc lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 4.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 233,849 shares of the electronics maker’s stock after selling 9,805 shares during the quarter. abrdn plc’s holdings in Corning were worth $10,481,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Natixis grew its stake in shares of Corning by 2,405.2% during the first 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 during the last quarter. Pathway Financial Advisers LLC raised its holdings in shares of Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after buying an additional 1,026,626 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after acquiring an additional 1,003,556 shares during the last quarter. Finally, Shellback Capital LP purchased a new position in Corning during the 2nd quarter valued at $34,483,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Citigroup lifted their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Shares of GLW stock opened at $48.36 on Friday. The stock’s 50-day moving average is $44.52 and its 200 day moving average is $40.33. Corning Incorporated has a 1-year low of $26.71 and a 1-year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98. The company has a market cap of $41.38 billion, a P/E ratio of 284.47, a PEG ratio of 1.61 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.93 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. Corning’s payout ratio is 658.82%.

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.