NewSquare Capital LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 54.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,648 shares of the electronics maker’s stock after selling 3,195 shares during the period. NewSquare Capital LLC’s holdings in Corning were worth $76,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Manchester Financial Inc. acquired a new stake in shares of Corning in the 2nd quarter worth approximately $29,000. TRUE Private Wealth Advisors acquired a new stake in shares of Corning in the 2nd quarter worth approximately $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Corning in the 2nd quarter worth approximately $33,000. SRS Capital Advisors Inc. acquired a new stake in shares of Corning in the 2nd quarter worth approximately $35,000. Finally, Nelson Roberts Investment Advisors LLC grew its holdings in shares of Corning by 31.7% in the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock worth $43,000 after acquiring an additional 314 shares during the period. Institutional investors own 71.27% of the company’s stock.

A number of equities research analysts recently weighed in on GLW shares. S&P Equity Research cut Corning from a “positive” rating to a “neutral” rating and lowered their price target for the stock from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Susquehanna Bancshares restated a “neutral” rating and issued a $30.00 price target (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. Bank of America lowered their price target on Corning from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Deutsche Bank set a $36.00 price target on Corning and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $33.67.

NYSE:GLW traded down $0.06 during trading hours on Wednesday, reaching $29.47. 18,910 shares of the company traded hands, compared to its average volume of 6,172,491. The firm’s 50-day moving average is $28.26 and its 200-day moving average is $30.84. The stock has a market cap of $22.69 billion, a P/E ratio of 16.55, a P/E/G ratio of 1.88 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. Corning Incorporated has a 1-year low of $26.75 and a 1-year high of $35.34.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. Corning’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 EPS. As a group, research analysts predict that Corning Incorporated will post 1.71 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Thursday, November 14th. Corning’s dividend payout ratio (DPR) is presently 44.94%.

In other Corning news, insider Clark S. Kinlin sold 9,667 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the sale, the insider now owns 70,648 shares in the company, valued at approximately $1,973,905.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is currently owned by corporate insiders.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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