Parthenon LLC Sells 4,973 Shares of Corning Incorporated (NYSE:GLW)

Parthenon LLC cut its position in Corning Incorporated (NYSE:GLW) by 1.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 253,404 shares of the electronics maker’s stock after selling 4,973 shares during the period. Corning comprises 1.4% of Parthenon LLC’s portfolio, making the stock its 22nd largest holding. Parthenon LLC’s holdings in Corning were worth $11,441,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GLW. Aptus Capital Advisors LLC raised its holdings in Corning by 16.9% during the third quarter. Aptus Capital Advisors LLC now owns 7,696 shares of the electronics maker’s stock valued at $347,000 after acquiring an additional 1,115 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in Corning by 0.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after purchasing an additional 10,311 shares during the period. GSA Capital Partners LLP raised its stake in Corning by 2.6% during the 3rd quarter. GSA Capital Partners LLP now owns 10,665 shares of the electronics maker’s stock valued at $482,000 after purchasing an additional 274 shares during the period. Apollon Wealth Management LLC lifted its holdings in Corning by 3.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 43,368 shares of the electronics maker’s stock worth $1,958,000 after purchasing an additional 1,415 shares in the last quarter. Finally, Versor Investments LP boosted its stake in Corning by 107.7% in the 3rd quarter. Versor Investments LP now owns 29,500 shares of the electronics maker’s stock worth $1,332,000 after purchasing an additional 15,300 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on GLW. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Up 0.2 %

GLW stock traded up $0.10 during mid-day trading on Wednesday, reaching $48.42. 748,281 shares of the stock traded hands, compared to its average volume of 5,677,056. Corning Incorporated has a one year low of $27.57 and a one year high of $51.03. The stock has a market capitalization of $41.46 billion, a PE ratio of 284.24, a PEG ratio of 1.57 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The business has a 50-day moving average price of $45.24 and a two-hundred day moving average price of $41.17.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. Equities research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 2.31%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

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.