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

Olstein Capital Management L.P. lessened its position in shares of Corning Incorporated (NYSE:GLW) by 21.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,000 shares of the electronics maker’s stock after selling 45,000 shares during the period. 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 added to or reduced their stakes in the company. MBB Public Markets I LLC raised its position in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in Corning during the 2nd quarter valued at approximately $511,000. National Pension Service increased its stake in Corning by 11.3% in the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares in the last quarter. Raymond James & Associates grew its position in Corning by 2.6% in the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after purchasing an additional 42,818 shares during the period. Finally, Empowered Funds LLC increased its stake in Corning by 35.4% during the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after purchasing an additional 5,081 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. JPMorgan Chase & Co. increased their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Citigroup raised their price target 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. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

Corning stock traded up $0.23 during midday trading on Thursday, reaching $48.47. 251,182 shares of the company traded hands, compared to its average volume of 5,710,625. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 12 month low of $26.94 and a 12 month high of $51.03. The firm has a market capitalization of $41.50 billion, a price-to-earnings ratio of 283.76, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The business has a 50 day moving average of $44.83 and a two-hundred day moving average of $40.75.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning’s payout ratio is 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.