Townsquare Capital LLC Has $7.39 Million Holdings in Corning Incorporated (NYSE:GLW)

Townsquare Capital LLC cut its position in Corning Incorporated (NYSE:GLW) by 24.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 163,613 shares of the electronics maker’s stock after selling 51,727 shares during the quarter. Townsquare Capital LLC’s holdings in Corning were worth $7,387,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. FMR LLC boosted its position in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in shares of 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 acquiring an additional 1,145,955 shares during the last quarter. Pathway Financial Advisers LLC raised its stake in shares of Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after acquiring an additional 1,026,626 shares during the last quarter. Shellback Capital LP bought a new position in shares of Corning in the second quarter worth about $34,483,000. Finally, Conning Inc. raised its stake in shares of Corning by 14,556.8% in the third quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock worth $39,778,000 after acquiring an additional 875,008 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.5 %

GLW opened at $48.22 on Thursday. The firm’s fifty day moving average is $46.62 and its two-hundred day moving average is $42.32. 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 firm has a market cap of $41.29 billion, a PE ratio of 283.65, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. Corning Incorporated has a twelve month low of $27.57 and a twelve month high of $51.03.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued 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 2.32%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research analyst reports. Barclays boosted their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. boosted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.