Olstein Capital Management L.P. Sells 45,000 Shares of Corning Incorporated (NYSE:GLW)

Olstein Capital Management L.P. lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 21.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 167,000 shares of the electronics maker’s stock after selling 45,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Corning were worth $7,540,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GLW. City Holding Co. raised its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares during the period. Global Trust Asset Management LLC lifted 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 purchasing an additional 900 shares during the last quarter. ESL Trust Services LLC bought a new position in shares of Corning in the first quarter worth about $33,000. Accordant Advisory Group Inc bought a new stake in Corning during the 2nd quarter valued at about $39,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in Corning in the 3rd quarter valued at about $45,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GLW. Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. UBS Group upped their target price 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 set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Up 0.5 %

Corning stock traded up $0.23 during trading on Thursday, reaching $48.47. The stock had a trading volume of 251,182 shares, compared to its average volume of 5,710,625. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average price of $44.83 and a 200 day moving average price of $40.75. The stock has a market cap of $41.50 billion, a PE ratio of 283.76, a P/E/G ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03.

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

Corning Dividend Announcement

The company 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 dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Corning’s dividend payout ratio is presently 658.82%.

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.