UBS Asset Management Americas Inc. cut its stake in shares of Corning Inc. (NYSE:GLW) by 3.5% during the third quarter, Holdings Channel reports. The institutional investor owned 4,057,666 shares of the company’s stock after selling 146,535 shares during the period. UBS Asset Management Americas Inc.’s holdings in Corning were worth $95,963,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of GLW. Salem Capital Management Inc. boosted its stake in Corning by 6.3% in the second quarter. Salem Capital Management Inc. now owns 194,525 shares of the company’s stock valued at $3,984,000 after buying an additional 11,450 shares in the last quarter. Alpha Windward LLC boosted its stake in Corning by 102.2% in the second quarter. Alpha Windward LLC now owns 38,135 shares of the company’s stock valued at $781,000 after buying an additional 19,278 shares in the last quarter. Berson & Corrado Investment Advisors LLC boosted its stake in Corning by 7.5% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 226,510 shares of the company’s stock valued at $4,639,000 after buying an additional 15,762 shares in the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in Corning by 2.7% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 278,354 shares of the company’s stock valued at $5,701,000 after buying an additional 7,405 shares in the last quarter. Finally, Thompson Rubinstein Investment Management Inc. OR boosted its stake in Corning by 1.7% in the second quarter. Thompson Rubinstein Investment Management Inc. OR now owns 77,871 shares of the company’s stock valued at $1,595,000 after buying an additional 1,325 shares in the last quarter. 75.83% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Corning (NYSE:GLW)

Corning Inc. (NYSE:GLW) opened at 24.20 on Tuesday. The company has a 50-day moving average price of $23.39 and a 200-day moving average price of $22.10. The firm has a market cap of $23.02 billion, a PE ratio of 12.33 and a beta of 1.32. Corning Inc. has a one year low of $16.13 and a one year high of $24.42.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.04. Corning had a net margin of 25.66% and a return on equity of 10.11%. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the business posted $0.34 earnings per share. Corning’s revenue for the quarter was up 4.0% compared to the same quarter last year. Equities analysts predict that Corning Inc. will post $1.49 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Tuesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 27.84%.

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Several equities analysts recently weighed in on the company. Drexel Hamilton reaffirmed a “sell” rating and issued a $14.50 price objective on shares of Corning in a research note on Tuesday, October 25th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Friday, November 18th. Vetr raised Corning from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Tuesday, November 15th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a research note on Monday, October 3rd. Finally, Susquehanna reaffirmed a “positive” rating and issued a $27.00 price objective (up from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and an average target price of $22.91.

In other news, insider James P. Clappin sold 94,303 shares of the company’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $24.01, for a total value of $2,264,215.03. Following the transaction, the insider now directly owns 81,255 shares of the company’s stock, valued at $1,950,932.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Wendell P. Weeks sold 204,750 shares of the company’s stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $23.07, for a total transaction of $4,723,582.50. Following the completion of the transaction, the chief executive officer now directly owns 136,500 shares in the company, valued at $3,149,055. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.

Corning Company Profile

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.

5 Day Chart for NYSE:GLW

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