Court Place Advisors LLC Sells 1,700 Shares of Corning Incorporated (NYSE:GLW)

Court Place Advisors LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 11.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,500 shares of the electronics maker’s stock after selling 1,700 shares during the quarter. Court Place Advisors LLC’s holdings in Corning were worth $610,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Park Avenue Securities LLC acquired a new position in shares of Corning during the first quarter worth approximately $252,000. Sunbelt Securities Inc. raised its position in Corning by 92.0% in the 1st quarter. Sunbelt Securities Inc. now owns 9,600 shares of the electronics maker’s stock worth $316,000 after purchasing an additional 4,600 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in Corning during the 1st quarter worth $33,000. Courier Capital LLC boosted its stake in shares of Corning by 20.4% in the 1st quarter. Courier Capital LLC now owns 28,813 shares of the electronics maker’s stock valued at $950,000 after purchasing an additional 4,891 shares during the last quarter. Finally, Register Financial Advisors LLC bought a new position in Corning in the first quarter valued at approximately $33,000. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on GLW shares. Citigroup upped their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. 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. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.23.

Corning Stock Performance

Corning stock traded down $0.07 during midday trading on Friday, reaching $46.74. 394,484 shares of the company’s stock were exchanged, compared to its average volume of 5,674,304. The stock’s 50-day simple moving average is $43.61 and its 200 day simple moving average is $39.63. The firm has a market cap of $40.04 billion, a price-to-earnings ratio of 65.93, a P/E/G ratio of 1.77 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52 week low of $26.37 and a 52 week high of $47.72.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the firm earned $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 157.75%.

Corning Profile

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.