Corning Incorporated (NYSE:GLW) Position Trimmed by Telemark Asset Management LLC

Telemark Asset Management LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 20.0% in the 3rd quarter, Holdings Channel reports. The firm owned 400,000 shares of the electronics maker’s stock after selling 100,000 shares during the quarter. Corning comprises about 1.8% of Telemark Asset Management LLC’s investment portfolio, making the stock its 14th biggest holding. Telemark Asset Management LLC’s holdings in Corning were worth $18,060,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GLW. O Shaughnessy Asset Management LLC grew its position in shares of Corning by 21.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock worth $975,000 after acquiring an additional 5,151 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Corning by 3.1% during the first quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock worth $812,000 after acquiring an additional 743 shares during the last quarter. Lake Street Advisors Group LLC bought a new position in shares of Corning during the first quarter worth about $203,000. Pitcairn Co. grew its position in shares of Corning by 6.3% during the first quarter. Pitcairn Co. now owns 12,708 shares of the electronics maker’s stock worth $419,000 after acquiring an additional 748 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its position in shares of Corning by 10.0% during the first quarter. EP Wealth Advisors LLC now owns 14,104 shares of the electronics maker’s stock worth $465,000 after acquiring an additional 1,277 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.3 %

GLW stock opened at $47.97 on Friday. 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 firm has a market cap of $41.07 billion, a PE ratio of 282.15, a PEG ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The company has a fifty day simple moving average of $46.21 and a 200 day simple moving average of $41.86.

Corning (NYSE:GLW) last released its quarterly earnings results 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 company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GLW. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Barclays increased their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $50.08.

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.