Corning Incorporated (NYSE:GLW) Shares Sold by Hexagon Capital Partners LLC

Hexagon Capital Partners LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.7% during the 3rd quarter, Holdings Channel reports. The firm owned 3,822 shares of the electronics maker’s stock after selling 504 shares during the period. Hexagon Capital Partners LLC’s holdings in Corning were worth $173,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Grove Bank & Trust lifted its position in shares of Corning by 21.5% during the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after purchasing an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY lifted its position in shares of Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC lifted its position in shares of Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in shares of Corning by 21.2% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock worth $61,000 after purchasing an additional 275 shares in the last quarter. Finally, Legacy Capital Group California Inc. lifted its position in shares of Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $46.02 on Friday. The firm’s fifty day moving average price is $42.07 and its 200 day moving average price is $38.66. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a market cap of $39.38 billion, a price-to-earnings ratio of 92.04, a price-to-earnings-growth ratio of 1.80 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the firm posted $0.45 EPS. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. On average, sell-side analysts expect that Corning Incorporated will post 1.91 EPS 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 2.43%. Corning’s dividend payout ratio (DPR) is 224.00%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GLW. JPMorgan Chase & Co. raised their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group raised their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Susquehanna raised their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning 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.