River Road Asset Management LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

River Road Asset Management LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 49.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 527,899 shares of the electronics maker’s stock after selling 507,460 shares during the quarter. River Road Asset Management LLC owned 0.06% of Corning worth $23,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. West Oak Capital LLC lifted its stake in shares of Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC lifted its position in Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares in the last quarter. SteelPeak Wealth LLC lifted its position in Corning by 3.3% in the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares in the last quarter. Grove Bank & Trust boosted its stake in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its holdings in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on GLW. Argus upped their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Performance

GLW opened at $46.77 on Tuesday. The company has a 50 day simple moving average of $44.62 and a two-hundred day simple moving average of $40.58. 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 firm has a market cap of $40.02 billion, a P/E ratio of 276.59, a PEG ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1-year low of $26.94 and a 1-year high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 earnings per share. Equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.39%. Corning’s payout ratio is 658.82%.

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.