Foster & Motley Inc. Sells 583 Shares of Corning Incorporated (NYSE:GLW)

by · The Markets Daily

Foster & Motley Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW – Free Report) by 0.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 130,173 shares of the electronics maker’s stock after selling 583 shares during the quarter. Foster & Motley Inc.’s holdings in Corning were worth $5,877,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD lifted its holdings in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the period. Natixis increased its position in Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after purchasing an additional 1,735,638 shares during the period. Pathway Financial Advisers LLC increased its position in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after purchasing an additional 1,026,626 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Corning by 10,626.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares in the last quarter. Finally, Shellback Capital LP purchased a new stake in shares of Corning in the 2nd quarter worth about $34,483,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $48.57 on Wednesday. The company has a market capitalization of $41.59 billion, a price-to-earnings ratio of 278.06, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a one year low of $26.94 and a one year high of $51.03. The company’s 50-day moving average is $44.71 and its 200 day moving average is $40.69.

Corning (NYSE:GLW – Get Free Report) last posted its quarterly 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 firm 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. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

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 2.31%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. Argus increased their price target on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target of $50.08.

Check Out Our Latest Stock Analysis on Corning

Corning Company Profile

(Free Report)

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.

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