Commerzbank Aktiengesellschaft FI reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 45.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,744 shares of the electronics maker’s stock after selling 44,987 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Corning were worth $1,608,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Andra AP fonden boosted its holdings in Corning by 3.4% during the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock worth $4,991,000 after purchasing an additional 5,500 shares during the last quarter. Legal & General Group Plc boosted its holdings in Corning by 2.9% during the second quarter. Legal & General Group Plc now owns 5,063,968 shares of the electronics maker’s stock worth $152,175,000 after purchasing an additional 144,400 shares during the last quarter. Convergence Investment Partners LLC boosted its holdings in Corning by 21.1% during the second quarter. Convergence Investment Partners LLC now owns 101,315 shares of the electronics maker’s stock worth $3,045,000 after purchasing an additional 17,670 shares during the last quarter. BB&T Securities LLC boosted its holdings in Corning by 33.6% during the second quarter. BB&T Securities LLC now owns 135,775 shares of the electronics maker’s stock worth $4,080,000 after purchasing an additional 34,132 shares during the last quarter. Finally, Wedbush Securities Inc. boosted its holdings in Corning by 0.4% during the second quarter. Wedbush Securities Inc. now owns 10,567 shares of the electronics maker’s stock worth $318,000 after purchasing an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 72.43% of the company’s stock.

In other Corning news, Director Hansel E. Tookes II sold 6,513 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the transaction, the director now owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark S. Rogus sold 9,242 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. In the last three months, insiders sold 294,561 shares of company stock valued at $9,254,498. Corporate insiders own 0.59% of the company’s stock.

Several research analysts recently weighed in on GLW shares. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, October 24th. Zacks Investment Research lowered shares of Corning from a “hold” rating to a “sell” rating in a research report on Friday, October 20th. Susquehanna Bancshares reaffirmed a “positive” rating and issued a $35.00 price objective on shares of Corning in a research report on Thursday, August 24th. Finally, Citigroup lifted their price objective on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Corning presently has an average rating of “Hold” and an average target price of $29.28.

Shares of Corning Incorporated (NYSE:GLW) traded down $0.57 during trading hours on Thursday, reaching $31.67. 5,298,200 shares of the company traded hands, compared to its average volume of 6,178,907. The stock has a market capitalization of $28,018.41, a PE ratio of 18.53, a P/E/G ratio of 2.68 and a beta of 1.33. Corning Incorporated has a 12 month low of $23.97 and a 12 month high of $32.78. The company has a current ratio of 2.69, a quick ratio of 2.14 and a debt-to-equity ratio of 0.26.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. Corning’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.42 earnings per share. equities analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be paid a $0.155 dividend. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.96%. Corning’s dividend payout ratio is presently 26.38%.

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Corning Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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