Corning Incorporated (NYSE:GLW) Shares Sold by Forum Financial Management LP

Forum Financial Management LP lowered its position in shares of Corning Incorporated (NYSE:GLW) by 1.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,463 shares of the electronics maker’s stock after selling 286 shares during the period. Forum Financial Management LP’s holdings in Corning were worth $788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. City Holding Co. increased its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the last quarter. Global Trust Asset Management LLC boosted its position in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. ESL Trust Services LLC purchased a new position in shares of Corning during the 1st quarter worth approximately $33,000. Accordant Advisory Group Inc purchased a new position in shares of Corning during the 2nd quarter worth approximately $39,000. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Corning during the 3rd quarter worth approximately $45,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GLW shares. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Finally, Citigroup raised their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

NYSE:GLW opened at $47.02 on Tuesday. 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 company has a market cap of $40.24 billion, a P/E ratio of 276.59, a P/E/G ratio of 1.55 and a beta of 1.03. Corning Incorporated has a fifty-two week low of $26.94 and a fifty-two week high of $51.03. The firm’s 50 day moving average is $44.62 and its two-hundred day moving average is $40.58.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

About Corning

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.