Telemark Asset Management LLC Reduces Position in Corning Incorporated (NYSE:GLW)

Telemark Asset Management LLC cut its position in Corning Incorporated (NYSE:GLW) by 20.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 400,000 shares of the electronics maker’s stock after selling 100,000 shares during the period. Corning accounts for 1.8% of Telemark Asset Management LLC’s investment portfolio, making the stock its 14th largest holding. Telemark Asset Management LLC’s holdings in Corning were worth $18,060,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GLW. Price T Rowe Associates Inc. MD grew its position in shares of 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 valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Corning by 215.6% during the 3rd 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 during the last quarter. Pathway Financial Advisers LLC grew its position in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the last quarter. Shellback Capital LP purchased a new position in Corning during the 2nd quarter worth $34,483,000. Finally, Conning Inc. grew its position in Corning by 14,556.8% during the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after purchasing an additional 875,008 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Up 1.3 %

Shares of GLW stock opened at $47.97 on Friday. The stock has a market cap of $41.07 billion, a price-to-earnings ratio of 282.15, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The firm’s 50 day moving average price is $46.21 and its two-hundred day moving average price is $41.86.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.34%. Corning’s dividend payout ratio is presently 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.