Citigroup Inc. Sells 936,413 Shares of Corning Incorporated (NYSE:GLW)

Citigroup Inc. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 37.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,550,254 shares of the electronics maker’s stock after selling 936,413 shares during the quarter. Citigroup Inc.’s holdings in Corning were worth $69,994,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC raised its stake in shares of Corning by 21.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 29,591 shares of the electronics maker’s stock worth $975,000 after buying an additional 5,151 shares during the period. Bessemer Group Inc. raised its stake in Corning by 3.1% during the 1st quarter. Bessemer Group Inc. now owns 24,655 shares of the electronics maker’s stock worth $812,000 after acquiring an additional 743 shares during the period. EP Wealth Advisors LLC lifted its holdings in Corning by 10.0% during the first quarter. EP Wealth Advisors LLC now owns 14,104 shares of the electronics maker’s stock valued at $465,000 after purchasing an additional 1,277 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Finally, SVB Wealth LLC increased its stake in shares of Corning by 7.0% in the first quarter. SVB Wealth LLC now owns 10,479 shares of the electronics maker’s stock worth $345,000 after purchasing an additional 689 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.40% of the company’s stock.

Corning Stock Up 1.4 %

Shares of NYSE:GLW opened at $48.52 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The business has a 50 day simple moving average of $46.33 and a two-hundred day simple moving average of $42.02. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The firm has a market capitalization of $41.54 billion, a PE ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating 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 company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company posted $0.45 EPS. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders 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 yield of 2.31%. Corning’s dividend payout ratio (DPR) is 658.82%.

Analyst Ratings Changes

Several research firms have recently commented on GLW. UBS Group boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Bank of America boosted their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $50.08.

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.