Corning Incorporated (NYSE:GLW) Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 0.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 652,936 shares of the electronics maker’s stock after selling 2,366 shares during the quarter. Rockefeller Capital Management L.P. owned about 0.08% of Corning worth $29,474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. City Holding Co. boosted its position in Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in Corning during the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Corning in the 3rd quarter valued at $40,000. Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% in 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 period. Finally, Venturi Wealth Management LLC raised its holdings in shares of Corning by 90.8% during the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Up 0.9 %

GLW stock 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 business’s 50-day moving average is $46.78 and its 200 day moving average is $42.51. 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 $41.67 billion, a price-to-earnings ratio of 286.29, a PEG ratio of 1.56 and a beta of 1.03.

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

Corning Dividend Announcement

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

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

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.