Keene & Associates Inc. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Keene & Associates Inc. reduced its position in Corning Incorporated (NYSE:GLW) by 6.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,878 shares of the electronics maker’s stock after selling 6,458 shares during the period. Corning makes up 3.1% of Keene & Associates Inc.’s investment portfolio, making the stock its 8th largest holding. Keene & Associates Inc.’s holdings in Corning were worth $4,058,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GLW. Access Investment Management LLC purchased a new position in shares of Corning in the first quarter valued at $28,000. City Holding Co. raised its stake in shares of Corning by 545.5% during the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Register Financial Advisors LLC purchased a new stake in shares of Corning in the 1st quarter worth about $33,000. Future Financial Wealth Managment LLC purchased a new stake in Corning in the first quarter worth $33,000. Finally, ESL Trust Services LLC purchased a new position in shares of Corning during the first quarter valued at approximately $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Down 0.9 %

GLW stock opened at $46.89 on Thursday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $47.72. The stock has a market cap of $40.12 billion, a P/E ratio of 93.78, a PEG ratio of 1.77 and a beta of 1.04. The company’s 50 day moving average is $43.61 and its two-hundred day moving average is $39.63.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. Research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.39%. Corning’s dividend payout ratio is presently 224.00%.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. Argus increased their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Oppenheimer lifted their price objective on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Citigroup increased their price objective on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning Company Profile

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.