Corning Incorporated (NYSE:GLW) Shares Sold by Garner Asset Management Corp

Garner Asset Management Corp lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,695 shares of the electronics maker’s stock after selling 440 shares during the quarter. Corning accounts for about 1.0% of Garner Asset Management Corp’s portfolio, making the stock its 27th largest position. Garner Asset Management Corp’s holdings in Corning were worth $2,289,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Summit Trail Advisors LLC increased its position in shares of Corning by 9.2% during the third quarter. Summit Trail Advisors LLC now owns 14,368 shares of the electronics maker’s stock worth $649,000 after acquiring an additional 1,208 shares during the period. Centaurus Financial Inc. purchased a new stake in shares of Corning during the third quarter worth $514,000. Larson Financial Group LLC increased its position in shares of Corning by 905.5% during the third quarter. Larson Financial Group LLC now owns 7,280 shares of the electronics maker’s stock worth $329,000 after acquiring an additional 6,556 shares during the period. Swedbank AB increased its position in shares of Corning by 60.2% during the third quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock worth $1,730,000 after acquiring an additional 14,403 shares during the period. Finally, StoneX Group Inc. increased its position in shares of Corning by 7.8% during the third quarter. StoneX Group Inc. now owns 36,655 shares of the electronics maker’s stock worth $1,655,000 after acquiring an additional 2,664 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $48.52 on Friday. Corning Incorporated has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The company has a market capitalization of $41.54 billion, a price-to-earnings ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The firm has a 50-day simple moving average of $46.33 and a 200-day simple moving average of $42.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

Corning (NYSE:GLW) last announced 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 business had revenue of $3.39 billion during 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 in the prior year, the firm earned $0.45 earnings per share. On average, equities research analysts anticipate that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning’s payout ratio is currently 658.82%.

Analysts Set New Price Targets

Several research firms recently commented on GLW. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.08.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is owned by insiders.

Corning Company 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.