Corning Incorporated $GLW Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Corning stake by 26.1% in the third quarter, selling 128,761 shares and ending the period with 363,867 shares valued at about $55.9 million.
• Corning reported quarterly EPS of $0.91, beating the $0.88 consensus, while revenue rose 18.9% year over year to $5.08 billion. The company also declared a quarterly dividend of $0.28 per share.
• Analyst sentiment remains positive overall: Corning has a “Moderate Buy” consensus rating and an average price target of $174.56.

Pictet Asset Management Holding SA reduced its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 26.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 363,867 shares of the electronics maker's stock after selling 128,761 shares during the quarter. Pictet Asset Management Holding SA's holdings in Corning were worth $55,948,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Atwood & Palmer Inc. bought a new position in Corning in the 2nd quarter valued at $26,000. Rogco LP bought a new position in shares of Corning during the 2nd quarter valued at approximately $27,000. Western Pacific Wealth Management LP bought a new position in shares of Corning during the 3rd quarter valued at approximately $25,000. Kings Path Partners LLC purchased a new stake in shares of Corning during the 3rd quarter worth approximately $25,000. Finally, Toth Financial Advisory Corp increased its stake in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker's stock worth $27,000 after purchasing an additional 98 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Lewis Steverson sold 13,100 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GLW. China Renaissance raised Corning from a "hold" rating to a "buy" rating and set a $238.00 price objective for the company in a report on Tuesday, September 8th. Barclays increased their price target on Corning from $129.00 to $132.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 28th. Wall Street Zen raised Corning from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. UBS Group lowered their price objective on Corning from $201.00 to $192.00 and set a "buy" rating on the stock in a research note on Wednesday, October 28th. Finally, Mizuho dropped their price objective on shares of Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $174.56.

Corning Trading Up 9.4%

Shares of GLW opened at $116.08 on Tuesday. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78. The stock has a market cap of $99.99 billion, a PE ratio of 46.99, a P/E/G ratio of 1.46 and a beta of 1.23. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The business's 50-day moving average price is $143.82 and its 200-day moving average price is $155.67.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm had revenue of $5.08 billion for the quarter, compared to analysts' expectations of $5.03 billion. During the same quarter last year, the firm posted $0.67 EPS. The company's revenue was up 18.9% compared to the same quarter last year. On average, equities analysts forecast that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, November 13th. Corning's dividend payout ratio (DPR) is presently 45.34%.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.

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