Lindbrook Capital LLC Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Lindbrook Capital LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 17.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,507 shares of the electronics maker’s stock after selling 1,573 shares during the quarter. Lindbrook Capital LLC’s holdings in Corning were worth $339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. MBB Public Markets I LLC lifted its stake in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the period. Dark Forest Capital Management LP purchased a new position in shares of Corning during the second quarter valued at about $511,000. National Pension Service raised its stake in Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after buying an additional 152,922 shares in the last quarter. Jackson Square Capital LLC bought a new stake in Corning during the 3rd quarter valued at approximately $990,000. Finally, Raymond James & Associates boosted its position in Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GLW. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Finally, Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Up 1.0 %

Corning stock opened at $48.72 on Friday. Corning Incorporated has a one year low of $26.94 and a one year high of $51.03. The business’s fifty day moving average is $45.10 and its 200 day moving average is $40.92. The stock has a market capitalization of $41.71 billion, a PE ratio of 286.59, a price-to-earnings-growth ratio of 1.56 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm 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 business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. On average, sell-side analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. Corning’s payout ratio is 658.82%.

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.