Advisors Asset Management Inc. Sells 50,078 Shares of Corning Incorporated (NYSE:GLW)

Advisors Asset Management Inc. decreased its position in Corning Incorporated (NYSE:GLW) by 7.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 633,664 shares of the electronics maker’s stock after selling 50,078 shares during the period. Corning comprises approximately 0.5% of Advisors Asset Management Inc.’s holdings, making the stock its 26th largest holding. Advisors Asset Management Inc. owned 0.07% of Corning worth $28,610,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% in the first 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 lifted its holdings in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after acquiring an additional 426,864 shares during the period. Swiss National Bank boosted its position in shares of 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 acquiring an additional 14,900 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Corning by 0.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after acquiring an additional 10,311 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Up 1.9 %

NYSE GLW opened at $47.30 on Wednesday. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The stock has a 50-day simple moving average of $45.97 and a 200 day simple moving average of $41.78. 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 company has a market capitalization of $40.50 billion, a PE ratio of 278.24, a P/E/G ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last announced 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. 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 analysts’ expectations of $3.72 billion. During the same period in the prior year, the business posted $0.45 EPS. Corning’s revenue was up 6.9% on a year-over-year basis. Research analysts forecast that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Ratings Changes

Several brokerages have weighed in on GLW. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. lifted 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. Oppenheimer reissued an “outperform” rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Finally, Bank of America increased their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. 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, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target 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.