River Road Asset Management LLC Sells 507,460 Shares of Corning Incorporated (NYSE:GLW)

River Road Asset Management LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 49.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 527,899 shares of the electronics maker’s stock after selling 507,460 shares during the quarter. River Road Asset Management LLC’s holdings in Corning were worth $23,835,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GLW. MBB Public Markets I LLC lifted its position in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in Corning in the first quarter worth about $653,000. Dark Forest Capital Management LP bought a new stake in Corning during the second quarter worth approximately $511,000. Raymond James & Associates raised its position in Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after purchasing an additional 5,081 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GLW shares. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research report on Tuesday, July 9th. Argus increased their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

NYSE GLW opened at $46.77 on Tuesday. The stock’s fifty day moving average price is $44.62 and its 200 day moving average price is $40.58. Corning Incorporated has a 1 year low of $26.94 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market cap of $40.02 billion, a price-to-earnings ratio of 276.59, a PEG ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities research analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 2.39%. Corning’s dividend payout ratio is presently 658.82%.

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.