Fruth Investment Management reduced its holdings in Corning Incorporated (NYSE:GLW) by 2.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,725 shares of the electronics maker’s stock after selling 700 shares during the period. Fruth Investment Management’s holdings in Corning were worth $705,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Carroll Financial Associates Inc. grew its holdings in shares of Corning by 6.1% during the 3rd quarter. Carroll Financial Associates Inc. now owns 6,379 shares of the electronics maker’s stock worth $181,000 after purchasing an additional 367 shares in the last quarter. F&V Capital Management LLC grew its holdings in shares of Corning by 0.8% during the 3rd quarter. F&V Capital Management LLC now owns 167,500 shares of the electronics maker’s stock worth $4,777,000 after purchasing an additional 1,300 shares in the last quarter. O Keefe Stevens Advisory Inc. grew its holdings in shares of Corning by 1.1% during the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 268,599 shares of the electronics maker’s stock worth $7,660,000 after purchasing an additional 2,935 shares in the last quarter. Chesley Taft & Associates LLC acquired a new stake in shares of Corning during the 3rd quarter worth approximately $398,000. Finally, First Hawaiian Bank grew its holdings in shares of Corning by 8.3% during the 3rd quarter. First Hawaiian Bank now owns 38,628 shares of the electronics maker’s stock worth $1,102,000 after purchasing an additional 2,971 shares in the last quarter. 71.13% of the stock is currently owned by institutional investors.

GLW stock traded up $0.55 during trading on Wednesday, hitting $27.82. The company had a trading volume of 4,352,165 shares, compared to its average volume of 4,967,042. The company has a fifty day moving average price of $28.11 and a two-hundred day moving average price of $31.02. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company has a market cap of $21.88 billion, a P/E ratio of 15.63, a P/E/G ratio of 1.81 and a beta of 1.16. Corning Incorporated has a fifty-two week low of $26.75 and a fifty-two week high of $35.34.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. Corning’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 EPS. On average, analysts expect that Corning Incorporated will post 1.71 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.88%. The ex-dividend date is Thursday, November 14th. Corning’s dividend payout ratio is 44.94%.

Several analysts have recently weighed in on the company. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a report on Monday, August 26th. Deutsche Bank set a $36.00 price objective on Corning and gave the stock a “buy” rating in a report on Wednesday, July 31st. Citigroup set a $32.00 price objective on Corning and gave the stock a “buy” rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. set a $30.00 price objective on Corning and gave the stock a “hold” rating in a report on Tuesday, September 17th. Finally, Cross Research lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $33.67.

In related news, insider Clark S. Kinlin sold 9,667 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the sale, the insider now owns 70,648 shares of the company’s stock, valued at approximately $1,973,905.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.46% of the stock is owned by insiders.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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