Cable Hill Partners LLC Sells 1,751 Shares of Corning Incorporated (NYSE:GLW)

Cable Hill Partners LLC trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 21.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,505 shares of the electronics maker’s stock after selling 1,751 shares during the quarter. Cable Hill Partners LLC’s holdings in Corning were worth $294,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLW. West Oak Capital LLC raised its stake in Corning by 0.4% in the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Corning by 4.5% in the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after buying an additional 232 shares during the last quarter. SteelPeak Wealth LLC raised its position in shares of Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after buying an additional 239 shares in the last quarter. Grove Bank & Trust lifted its holdings in shares of Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. lifted its holdings in shares of Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock worth $770,000 after acquiring an additional 250 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 0.3 %

Shares of NYSE:GLW opened at $47.05 on Friday. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock’s 50-day moving average is $45.51 and its 200 day moving average is $41.33. The company has a market cap of $40.28 billion, a PE ratio of 276.76, a P/E/G ratio of 1.51 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 earnings per share. Sell-side analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research reports. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price target 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. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.