Oppenheimer & Co. Inc. Sells 3,606 Shares of Corning Incorporated (NYSE:GLW)

Oppenheimer & Co. Inc. lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,808 shares of the electronics maker’s stock after selling 3,606 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Corning were worth $7,847,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of GLW. City Holding Co. lifted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. ESL Trust Services LLC bought a new stake in Corning in the 1st quarter valued at $33,000. Accordant Advisory Group Inc acquired a new stake in Corning in the 2nd quarter worth $39,000. Global Trust Asset Management LLC increased its holdings in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the third quarter valued at about $45,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GLW. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” 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 company a “neutral” rating in a research report on Wednesday, October 30th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Trading Down 2.3 %

NYSE:GLW opened at $47.21 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $27.57 and a 1-year high of $51.03. The firm has a market capitalization of $40.42 billion, a price-to-earnings ratio of 277.71, a PEG ratio of 1.55 and a beta of 1.03. The business’s 50-day moving average price is $45.39 and its two-hundred day moving average price is $41.29.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.45 earnings per share. On average, equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 annualized dividend and a yield of 2.37%. Corning’s dividend payout ratio is presently 658.82%.

Corning Company 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.