Corning Incorporated $GLW Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 5.5% during the 3rd quarter, Holdings Channel reports. The fund owned 223,816 shares of the electronics maker’s stock after selling 12,922 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Corning were worth $34,414,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Atwood & Palmer Inc. purchased a new stake in Corning during the 2nd quarter worth about $26,000. Rogco LP acquired a new stake in Corning in the 2nd quarter valued at about $27,000. Western Pacific Wealth Management LP acquired a new stake in Corning in the 3rd quarter valued at about $25,000. Kings Path Partners LLC acquired a new stake in Corning in the 3rd quarter valued at about $25,000. Finally, Toth Financial Advisory Corp raised its position in Corning by 130.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 98 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GLW shares. Oppenheimer decreased their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. UBS Group upped their target price on shares of Corning from $196.00 to $201.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Sanford C. Bernstein initiated coverage on shares of Corning in a report on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 target price on the stock. Finally, Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $177.25.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning 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 transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by corporate insiders.

Corning Stock Performance

Shares of GLW stock opened at $127.34 on Tuesday. The stock’s 50-day moving average is $151.19 and its two-hundred day moving average is $153.96. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a 1 year low of $77.39 and a 1 year high of $271.78. The firm has a market cap of $109.69 billion, a price-to-earnings ratio of 58.15, a PEG ratio of 1.56 and a beta of 1.13.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.60 EPS. Analysts predict that Corning Incorporated will post 3.30 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is currently 51.14%.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.