Valley National Advisers Inc. Sells 6,372 Shares of Corning Incorporated (NYSE:GLW)

Valley National Advisers Inc. cut its position in Corning Incorporated (NYSE:GLW) by 66.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,229 shares of the electronics maker’s stock after selling 6,372 shares during the quarter. Valley National Advisers Inc.’s holdings in Corning were worth $145,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in GLW. Access Investment Management LLC acquired a new stake in shares of Corning in the first quarter valued at about $28,000. City Holding Co. increased its position in 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 during the period. ESL Trust Services LLC bought a new position in Corning during the 1st quarter worth approximately $33,000. Accordant Advisory Group Inc acquired a new position in shares of Corning in the 2nd quarter worth approximately $39,000. Finally, Global Trust Asset Management LLC increased its position in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 1.2 %

Shares of Corning stock opened at $46.25 on Monday. The company has a 50-day simple moving average of $43.86 and a two-hundred day simple moving average of $39.88. The stock has a market capitalization of $39.58 billion, a PE ratio of 92.50, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. Corning Incorporated has a 52-week low of $26.37 and a 52-week high of $47.72. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. On average, analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 224.00%.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. Citigroup boosted their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Barclays lifted their price objective on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

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.