Townsquare Capital LLC Has $7.39 Million Position in Corning Incorporated (NYSE:GLW)

Townsquare Capital LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 24.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 163,613 shares of the electronics maker’s stock after selling 51,727 shares during the period. Townsquare Capital LLC’s holdings in Corning were worth $7,387,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of GLW. City Holding Co. raised its holdings in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in shares of Corning during the 3rd quarter valued at $39,000. Global Trust Asset Management LLC raised 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 valued at $42,000 after purchasing an additional 900 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Corning by 90.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after purchasing an additional 473 shares in the last quarter. Finally, Accordant Advisory Group Inc bought a new position in shares of Corning during the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday. 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 report on Wednesday, October 30th. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

NYSE:GLW opened at $48.22 on Thursday. The firm’s 50-day moving average is $46.62 and its 200-day moving average is $42.32. 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 company has a market cap of $41.29 billion, a price-to-earnings ratio of 283.65, a PEG ratio of 1.53 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate 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. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning’s dividend payout ratio (DPR) is currently 658.82%.

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.