Freedom Investment Management Inc. Sells 891 Shares of Corning Incorporated (NYSE:GLW)

Freedom Investment Management Inc. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 7.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,273 shares of the electronics maker’s stock after selling 891 shares during the quarter. Freedom Investment Management Inc.’s holdings in Corning were worth $509,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. City Holding Co. boosted its position 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 acquiring an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the 3rd quarter valued at $39,000. Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after buying an additional 473 shares in the last quarter. Finally, Accordant Advisory Group Inc bought a new stake in shares of Corning during the 2nd quarter worth $39,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Susquehanna raised their target price 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, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Up 0.9 %

NYSE GLW opened at $48.67 on Friday. Corning Incorporated has a 12 month low of $28.02 and a 12 month high of $51.03. 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 firm has a market capitalization of $41.67 billion, a PE ratio of 286.29, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The business’s 50-day moving average price is $46.78 and its two-hundred day moving average price is $42.46.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.30%. Corning’s payout ratio is 658.82%.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction 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 Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

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.