D.A. Davidson & CO. Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

D.A. Davidson & CO. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 4.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,202 shares of the electronics maker’s stock after selling 3,856 shares during the quarter. D.A. Davidson & CO.’s holdings in Corning were worth $3,982,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GLW. 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 valued at $32,000 after purchasing an additional 600 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in shares of Corning during the 2nd quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC purchased a new stake in Corning in the 3rd quarter worth $39,000. Global Trust Asset Management LLC increased its holdings in Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in Corning in the 3rd quarter worth $45,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 0.5 %

Shares of GLW stock opened at $48.22 on Friday. The company’s 50-day moving average price is $46.70 and its 200-day moving average price is $42.36. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $41.29 billion, a price-to-earnings ratio of 283.65, a PEG ratio of 1.53 and a beta of 1.03. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03.

Corning (NYSE:GLW) last posted 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 company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. 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 payout ratio is currently 658.82%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was 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 in the company, valued at $324,213. This trade represents 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 currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on GLW shares. Bank of America boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Susquehanna boosted their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Corning 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.