Corning Incorporated (NYSE:GLW) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 55.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,689 shares of the electronics maker’s stock after selling 61,143 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Corning were worth $1,741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ameritas Advisory Services LLC lifted its position in shares of Corning by 24.6% during the 1st quarter. Ameritas Advisory Services LLC now owns 7,905 shares of the electronics maker’s stock valued at $276,000 after buying an additional 1,561 shares in the last quarter. NewEdge Wealth LLC lifted its position in shares of Corning by 1.8% during the 1st quarter. NewEdge Wealth LLC now owns 41,017 shares of the electronics maker’s stock valued at $1,447,000 after buying an additional 727 shares in the last quarter. Kinsale Capital Group Inc. purchased a new position in shares of Corning during the 1st quarter valued at approximately $830,000. ProShare Advisors LLC lifted its position in shares of Corning by 7.9% during the 1st quarter. ProShare Advisors LLC now owns 235,657 shares of the electronics maker’s stock valued at $8,314,000 after buying an additional 17,164 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in shares of Corning during the 1st quarter valued at approximately $2,183,000. Hedge funds and other institutional investors own 67.74% of the company’s stock.

Corning Stock Down 0.8 %

Shares of NYSE:GLW opened at $27.72 on Tuesday. The business has a 50-day moving average price of $29.73 and a 200 day moving average price of $31.79. The company has a current ratio of 1.70, a quick ratio of 1.08 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $23.65 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 10.10 and a beta of 1.07. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $37.10.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.51 billion. Corning had a return on equity of 12.73% and a net margin of 4.50%. The firm’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.51 earnings per share. Sell-side analysts expect that Corning Incorporated will post 1.73 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend is Thursday, November 16th. Corning’s payout ratio is 164.71%.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Barclays decreased their price objective on Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 25th. Citigroup decreased their price objective on Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, October 25th. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a report on Thursday, October 12th. Morgan Stanley decreased their price objective on Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. Finally, UBS Group lowered Corning from a “buy” rating to a “neutral” rating and raised their price objective for the company from $38.00 to $39.00 in a report on Friday, July 14th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.89.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.