BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stock Position in Corning Incorporated (NYSE:GLW)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in Corning Incorporated (NYSE:GLW) by 12.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 135,796 shares of the electronics maker’s stock after selling 19,486 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Corning were worth $6,131,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

GLW has been the subject of several research analyst reports. Susquehanna upped 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. UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

NYSE GLW opened at $49.24 on Tuesday. Corning Incorporated has a fifty-two week low of $28.30 and a fifty-two week high of $51.03. The firm has a market capitalization of $42.16 billion, a P/E ratio of 289.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The stock’s fifty day moving average is $46.87 and its two-hundred day moving average is $42.66. 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 (NYSE:GLW) last released its quarterly earnings data 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 firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s quarterly 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, research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning 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 disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

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.