Advisors Asset Management Inc. Has $28.61 Million Position in Corning Incorporated (NYSE:GLW)

Advisors Asset Management Inc. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 7.3% in the third quarter, Holdings Channel.com reports. The firm owned 633,664 shares of the electronics maker’s stock after selling 50,078 shares during the quarter. Corning makes up 0.5% of Advisors Asset Management Inc.’s holdings, making the stock its 26th largest holding. Advisors Asset Management Inc.’s holdings in Corning were worth $28,610,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its holdings 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 worth $47,428,000 after purchasing an additional 1,026,626 shares in the last quarter. Shellback Capital LP acquired a new stake in shares of Corning in the 2nd quarter valued at about $34,483,000. Finally, Conning Inc. lifted its holdings in shares of Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after purchasing an additional 875,008 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 1.9 %

Corning stock opened at $47.30 on Wednesday. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03. The stock has a market cap of $40.50 billion, a P/E ratio of 278.24, a P/E/G ratio of 1.49 and a beta of 1.03. The company’s 50-day moving average price is $45.97 and its two-hundred day moving average price is $41.78. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share 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 business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm posted $0.45 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GLW. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna raised their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. UBS Group boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Company 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.