Corning Incorporated (NYSE:GLW) Shares Sold by Heathbridge Capital Management Ltd.

Heathbridge Capital Management Ltd. lowered its holdings in Corning Incorporated (NYSE:GLW) by 23.2% during the second quarter, Holdings Channel reports. The fund owned 6,450 shares of the electronics maker’s stock after selling 1,950 shares during the quarter. Corning makes up 0.1% of Heathbridge Capital Management Ltd.’s holdings, making the stock its 25th largest holding. Heathbridge Capital Management Ltd.’s holdings in Corning were worth $226,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GLW. Quarry LP purchased a new position in Corning during the second quarter worth approximately $32,000. Aspire Private Capital LLC acquired a new stake in Corning in the 1st quarter valued at $35,174,160,000. Tilia Fiduciary Partners Inc. increased its holdings in Corning by 134.5% in the 2nd quarter. Tilia Fiduciary Partners Inc. now owns 1,107 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 635 shares in the last quarter. WFA of San Diego LLC acquired a new position in Corning during the second quarter worth $45,000. Finally, Fred Alger Management LLC purchased a new position in Corning during the first quarter valued at $49,000. Hedge funds and other institutional investors own 67.74% of the company’s stock.

Corning Trading Down 0.7 %

Shares of GLW stock traded down $0.20 during trading hours on Monday, hitting $28.28. The company had a trading volume of 2,010,292 shares, compared to its average volume of 4,230,730. The stock has a market capitalization of $24.13 billion, a PE ratio of 41.47, a price-to-earnings-growth ratio of 10.57 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.70 and a quick ratio of 1.08. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $37.10. The company’s fifty day moving average is $28.93 and its 200 day moving average is $31.48.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Corning had a net margin of 4.50% and a return on equity of 12.73%. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same period in the previous year, the firm posted $0.51 earnings per share. The company’s quarterly revenue was down 9.0% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, November 17th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, November 16th. Corning’s payout ratio is 164.71%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GLW shares. TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research report on Thursday, October 12th. Morgan Stanley decreased their target price on shares of Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 25th. Deutsche Bank Aktiengesellschaft lowered Corning from a “buy” rating to a “hold” rating and dropped their price target for the company from $37.00 to $30.00 in a research report on Wednesday, October 25th. Oppenheimer dropped their target price on Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, October 25th. Finally, StockNews.com initiated coverage on Corning in a report on Thursday, October 5th. They set a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Corning presently 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.