Corning Incorporated (NYSE:GLW) Shares Sold by Iat Reinsurance Co. LTD.

Iat Reinsurance Co. LTD. lessened its stake in Corning Incorporated (NYSE:GLW) by 27.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 267,350 shares of the electronics maker’s stock after selling 100,000 shares during the quarter. Corning comprises approximately 2.7% of Iat Reinsurance Co. LTD.’s holdings, making the stock its 11th biggest holding. Iat Reinsurance Co. LTD.’s holdings in Corning were worth $12,071,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Prospera Financial Services Inc purchased a new stake in Corning during the 3rd quarter worth $264,000. Meeder Asset Management Inc. acquired a new position in shares of Corning in the 3rd quarter valued at about $168,000. Caprock Group LLC boosted its holdings in shares of Corning by 2.5% in the 3rd quarter. Caprock Group LLC now owns 27,928 shares of the electronics maker’s stock valued at $1,261,000 after buying an additional 682 shares during the period. Aviance Capital Partners LLC boosted its holdings in shares of Corning by 23.9% in the 3rd quarter. Aviance Capital Partners LLC now owns 31,612 shares of the electronics maker’s stock valued at $1,427,000 after buying an additional 6,092 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Corning in the 3rd quarter valued at about $106,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 0.1 %

Shares of NYSE GLW opened at $46.44 on Tuesday. Corning Incorporated has a 52-week low of $27.57 and a 52-week high of $51.03. 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 business has a fifty day moving average of $45.85 and a two-hundred day moving average of $41.68. The stock has a market cap of $39.76 billion, a PE ratio of 273.18, a PEG ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm 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 firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. As a group, equities research analysts expect that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm 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 dividend of $0.28 per share. 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 2.41%. Corning’s dividend payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. UBS Group lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Bank of America upped 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. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a report 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 company’s stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and a consensus 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.