ASB Consultores LLC Sells 1,600 Shares of Corning Incorporated (NYSE:GLW)

ASB Consultores LLC trimmed its stake in Corning Incorporated (NYSE:GLW) by 21.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,966 shares of the electronics maker’s stock after selling 1,600 shares during the quarter. ASB Consultores LLC’s holdings in Corning were worth $269,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its stake in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares in the last quarter. Natixis lifted its stake in shares of Corning by 2,405.2% during the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the period. Finally, National Pension Service increased its stake in shares of Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after buying an additional 152,922 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.5 %

Shares of Corning stock opened at $47.27 on Wednesday. The company’s fifty day moving average is $44.71 and its two-hundred day moving average is $40.69. Corning Incorporated has a 1 year low of $26.94 and a 1 year 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 company has a market capitalization of $40.47 billion, a P/E ratio of 278.06, a PEG ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the business earned $0.45 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Analysts forecast 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 2.37%. Corning’s payout ratio is currently 658.82%.

Analyst Ratings Changes

Several brokerages recently weighed in on GLW. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Argus increased their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

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.