Pitcairn Co. Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Pitcairn Co. cut its position in Corning Incorporated (NYSE:GLW) by 20.9% during the third quarter, HoldingsChannel.com reports. The fund owned 10,655 shares of the electronics maker’s stock after selling 2,821 shares during the period. Pitcairn Co.’s holdings in Corning were worth $481,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. West Oak Capital LLC boosted its holdings in shares of Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after buying an additional 232 shares during the last quarter. SteelPeak Wealth LLC grew its holdings in Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after buying an additional 239 shares in the last quarter. Grove Bank & Trust increased its stake in shares of Corning by 21.5% in the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. raised its holdings in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Susquehanna upped their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Down 0.5 %

Shares of GLW opened at $48.00 on Wednesday. The company’s 50-day simple moving average is $46.53 and its 200-day simple moving average is $42.28. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The stock has a market capitalization of $41.10 billion, a PE ratio of 282.35, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its earnings results 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. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.33%. Corning’s payout ratio is 658.82%.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’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 owns 6,700 shares in the company, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

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.