Monte Financial Group LLC Sells 18,249 Shares of Corning Incorporated (NYSE:GLW)

Monte Financial Group LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 141,521 shares of the electronics maker’s stock after selling 18,249 shares during the quarter. Corning makes up about 2.6% of Monte Financial Group LLC’s portfolio, making the stock its 9th largest position. Monte Financial Group LLC’s holdings in Corning were worth $6,390,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Park Avenue Securities LLC bought a new stake in Corning in the 1st quarter valued at about $252,000. Riverview Trust Co bought a new stake in shares of Corning during the first quarter valued at approximately $35,000. Sunbelt Securities Inc. raised its position in shares of Corning by 92.0% during the first quarter. Sunbelt Securities Inc. now owns 9,600 shares of the electronics maker’s stock worth $316,000 after purchasing an additional 4,600 shares during the period. Future Financial Wealth Managment LLC bought a new position in shares of Corning in the 1st quarter worth $33,000. Finally, Courier Capital LLC grew its position in Corning by 20.4% in the 1st quarter. Courier Capital LLC now owns 28,813 shares of the electronics maker’s stock valued at $950,000 after purchasing an additional 4,891 shares during the period. 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 stock has a market cap of $40.12 billion, a P/E ratio of 93.78, a P/E/G ratio of 1.77 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock’s fifty day simple moving average is $43.61 and its two-hundred day simple moving average is $39.63. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.72.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 annualized dividend and a dividend yield of 2.39%. Corning’s payout ratio is currently 224.00%.

Analyst Ratings Changes

Several research analysts have weighed in on GLW shares. Citigroup upped their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Barclays raised their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning 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.