Corning Incorporated (NYSE:GLW) Shares Sold by Otter Creek Advisors LLC

Otter Creek Advisors LLC cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 35.0% during the third quarter, HoldingsChannel.com reports. The fund owned 83,663 shares of the electronics maker’s stock after selling 44,986 shares during the period. Corning accounts for about 2.4% of Otter Creek Advisors LLC’s holdings, making the stock its 26th largest holding. Otter Creek Advisors LLC’s holdings in Corning were worth $3,777,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. City Holding Co. boosted its position in Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. Accordant Advisory Group Inc acquired a new position in Corning during the second quarter worth about $39,000. Cassady Schiller Wealth Management LLC acquired a new position in Corning during the third quarter worth about $39,000. Global Trust Asset Management LLC boosted its position in Corning by 2,250.0% during the third 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 during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Corning during the third quarter worth about $45,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. 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. JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Barclays lifted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Up 1.3 %

Shares of Corning stock opened at $47.97 on Friday. The company has a fifty day simple moving average of $46.21 and a 200-day simple moving average of $41.86. Corning Incorporated has a 12-month low of $27.57 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 stock has a market cap of $41.07 billion, a price-to-earnings ratio of 282.15, a PEG ratio of 1.51 and a beta of 1.03.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.34%. Corning’s payout ratio is currently 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.