ING Groep NV Sells 156,644 Shares of Corning Incorporated (NYSE:GLW)

ING Groep NV lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 38.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 252,098 shares of the electronics maker’s stock after selling 156,644 shares during the quarter. ING Groep NV’s holdings in Corning were worth $11,382,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. MBB Public Markets I LLC raised its holdings in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP bought a new position in Corning in the second quarter worth about $511,000. National Pension Service lifted its holdings in Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after buying an additional 152,922 shares during the period. CWA Asset Management Group LLC bought a new stake in Corning during the 3rd quarter valued at approximately $5,705,000. Finally, Jackson Square Capital LLC purchased a new position in shares of Corning during the 3rd quarter worth approximately $990,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.3 %

Corning stock opened at $47.05 on Friday. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The stock has a fifty day simple moving average of $45.51 and a two-hundred day simple moving average of $41.33. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $40.28 billion, a price-to-earnings ratio of 276.76, a PEG ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.45 EPS. Equities analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business 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 dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GLW. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.