Future Fund LLC Sells 1,551 Shares of Corning Incorporated (NYSE:GLW)

Future Fund LLC lowered its position in shares of Corning Incorporated (NYSE:GLW) by 6.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,250 shares of the electronics maker’s stock after selling 1,551 shares during the quarter. Corning makes up about 3.1% of Future Fund LLC’s investment portfolio, making the stock its 18th largest position. Future Fund LLC’s holdings in Corning were worth $1,028,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Aptus Capital Advisors LLC increased its holdings in Corning by 16.9% in the third quarter. Aptus Capital Advisors LLC now owns 7,696 shares of the electronics maker’s stock valued at $347,000 after purchasing an additional 1,115 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Corning by 0.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after purchasing an additional 10,311 shares during the last quarter. GSA Capital Partners LLP increased its holdings in Corning by 2.6% in the third quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock valued at $482,000 after purchasing an additional 274 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in Corning by 3.4% in the third quarter. Apollon Wealth Management LLC now owns 43,368 shares of the electronics maker’s stock valued at $1,958,000 after purchasing an additional 1,415 shares during the last quarter. Finally, Versor Investments LP increased its holdings in Corning by 107.7% in the third quarter. Versor Investments LP now owns 29,500 shares of the electronics maker’s stock valued at $1,332,000 after purchasing an additional 15,300 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $48.32 on Wednesday. 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 stock’s 50 day moving average price is $45.24 and its two-hundred day moving average price is $41.17. The firm has a market capitalization of $41.37 billion, a price-to-earnings ratio of 284.24, a P/E/G ratio of 1.57 and a beta of 1.03. Corning Incorporated has a 12-month low of $27.41 and a 12-month high of $51.03.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays increased their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $50.08.

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.