Citigroup Inc. Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Citigroup Inc. reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 37.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,550,254 shares of the electronics maker’s stock after selling 936,413 shares during the quarter. Citigroup Inc. owned 0.18% of Corning worth $69,994,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD increased its stake 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 purchasing an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after buying an additional 426,864 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock valued at $219,116,000 after buying an additional 38,168 shares during the last quarter. Swiss National Bank boosted its position in Corning by 0.6% during the 3rd quarter. Swiss National Bank now owns 2,415,500 shares of the electronics maker’s stock valued at $109,060,000 after buying an additional 14,900 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in Corning by 0.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock worth $87,452,000 after acquiring an additional 10,311 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of analyst reports. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Barclays increased their price objective on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target 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 investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Performance

Shares of GLW opened at $48.52 on Friday. The business’s 50 day moving average price is $46.33 and its 200-day moving average price is $42.02. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market cap of $41.54 billion, a P/E ratio of 285.41, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm posted $0.45 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.

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.