Swiss National Bank Sells 282,000 Shares of Corning Incorporated (NYSE:GLW)

Swiss National Bank lowered its stake in Corning Incorporated (NYSE:GLW) by 8.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,906,900 shares of the electronics maker’s stock after selling 282,000 shares during the quarter. Swiss National Bank owned approximately 0.34% of Corning worth $101,858,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in GLW. Cibc World Market Inc. grew its position in Corning by 22.1% during the 1st quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after acquiring an additional 11,884 shares during the last quarter. Prudential PLC bought a new stake in Corning during the 1st quarter worth approximately $588,000. Sequoia Financial Advisors LLC increased its position in Corning by 15.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after acquiring an additional 1,062 shares during the period. Vanguard Group Inc. raised its stake in shares of Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in shares of Corning by 24.4% during the first quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after purchasing an additional 140,098 shares during the period. 67.74% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Up 2.7 %

Shares of NYSE:GLW opened at $28.46 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.08 and a current ratio of 1.70. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $37.10. The business’s 50 day simple moving average is $29.11 and its two-hundred day simple moving average is $31.56. The firm has a market cap of $24.28 billion, a P/E ratio of 41.85, a PEG ratio of 10.32 and a beta of 1.07.

Corning (NYSE:GLW) last issued its earnings results 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 firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.51 billion. Corning had a return on equity of 12.73% and a net margin of 4.50%. Corning’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 1.71 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be issued a $0.28 dividend. The ex-dividend date is Thursday, November 16th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.94%. Corning’s dividend payout ratio is presently 164.71%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Morgan Stanley lowered their target price on Corning from $38.00 to $33.00 and set an “overweight” rating for the company in a research report on Wednesday, October 25th. StockNews.com assumed coverage on Corning in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Citigroup dropped their price target on shares of Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, October 25th. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $36.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, October 25th. Finally, Barclays dropped their target price on shares of Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 25th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.89.

Corning Company Profile

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.