Denali Advisors LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 94.5% during the third quarter, Holdings Channel reports. The institutional investor owned 14,600 shares of the electronics maker’s stock after selling 251,500 shares during the quarter. Denali Advisors LLC’s holdings in Corning were worth $515,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GLW. Founders Capital Management purchased a new position in shares of Corning in the 2nd quarter valued at approximately $105,000. Private Capital Group LLC lifted its stake in shares of Corning by 1,455.7% in the 1st quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after purchasing an additional 3,683 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Corning by 16,371.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after purchasing an additional 4,584 shares during the period. City Holding Co. purchased a new position in shares of Corning in the 2nd quarter valued at approximately $137,000. Finally, Smithfield Trust Co. lifted its stake in shares of Corning by 55.0% in the 2nd quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock valued at $157,000 after purchasing an additional 2,028 shares during the period. Hedge funds and other institutional investors own 70.38% of the company’s stock.

A number of research firms have recently commented on GLW. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Tuesday, June 26th. Goldman Sachs Group upgraded Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price for the company in a research note on Wednesday, June 20th. UBS Group raised their target price on Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, July 26th. TheStreet upgraded Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Finally, Guggenheim restated a “buy” rating on shares of Corning in a research note on Wednesday, July 25th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Corning presently has a consensus rating of “Buy” and an average price target of $36.10.

In other Corning news, CEO Wendell P. Weeks sold 237,470 shares of Corning stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total transaction of $7,805,638.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of Corning stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $36.18, for a total value of $1,109,532.06. Following the transaction, the insider now owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The disclosure for this sale can be found here. Insiders have sold 414,272 shares of company stock valued at $13,759,300 in the last quarter. 0.46% of the stock is owned by company insiders.

GLW opened at $32.32 on Thursday. The company has a market capitalization of $28.59 billion, a PE ratio of 18.79, a PEG ratio of 2.49 and a beta of 1.35. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $36.56.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share. As a group, research analysts expect that Corning Incorporated will post 1.73 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is 41.86%.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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