Corning Incorporated $GLW Stake Lessened by Ethic Inc.

Ethic Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 12.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 120,725 shares of the electronics maker’s stock after selling 17,592 shares during the quarter. Ethic Inc.’s holdings in Corning were worth $18,563,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. State Street Corp increased its position in shares of Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Corning by 29.2% in the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after purchasing an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after purchasing an additional 4,446,514 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Corning during the 2nd quarter worth $1,510,911,000. Finally, Legal & General Group Plc purchased a new stake in shares of Corning during the 2nd quarter worth $1,212,283,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE GLW opened at $106.03 on Friday. The firm has a market cap of $91.34 billion, a P/E ratio of 42.93, a P/E/G ratio of 1.31 and a beta of 1.23. Corning Incorporated has a 52-week low of $77.39 and a 52-week high of $271.78. The business’s 50-day moving average price is $144.47 and its 200 day moving average price is $155.55. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same period in the prior year, the business earned $0.67 EPS. The firm’s revenue was up 18.9% compared to the same quarter last year. On average, equities research analysts expect that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.1%. Corning’s payout ratio is presently 45.34%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 target price on the stock in a report on Tuesday, September 8th. Morgan Stanley cut their price target on Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 28th. Oppenheimer decreased their price target on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Truist Financial reaffirmed a “buy” rating and set a $175.00 price objective (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. Finally, Mizuho dropped their price objective on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $175.81.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is owned by company insiders.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.