Corning Incorporated $GLW Stock Sold by Bank Julius Baer & Co. Ltd Zurich

Key Points

• Bank Julius Baer & Co. Ltd Zurich cut its Corning stake by 73.1% in the third quarter, selling 72,159 shares and retaining 26,508 shares worth about $4.08 million. Institutional investors and hedge funds collectively own 69.8% of Corning.
• Corning beat quarterly estimates, reporting EPS of $0.91 versus $0.88 expected and revenue of $5.08 billion versus $5.03 billion; revenue rose 18.9% year over year.
• Analysts’ consensus rating is Moderate Buy, with a consensus price target of $175.81. Corning also declared a quarterly dividend of $0.28 per share, or $1.12 annualized.

Bank Julius Baer & Co. Ltd Zurich lessened its stake in Corning Incorporated (NYSE:GLW - Free Report) by 73.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,508 shares of the electronics maker's stock after selling 72,159 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich's holdings in Corning were worth $4,078,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in Corning during the second quarter valued at $1,510,911,000. State Street Corp grew its position in shares of Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the period. Legal & General Group Plc purchased a new stake in shares of Corning during the second quarter worth about $1,212,283,000. Wellington Management Group LLP increased its stake in shares of Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock worth $3,365,084,000 after purchasing an additional 4,446,514 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock worth $4,784,361,000 after purchasing an additional 4,231,507 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GLW. Zacks Research raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 28th. UBS Group cut their price objective on Corning from $201.00 to $192.00 and set a "buy" rating for the company in a research note on Wednesday, October 28th. Bank of America cut their price objective on Corning from $243.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, July 29th. The Goldman Sachs Group reissued an "outperform" rating on shares of Corning in a report on Tuesday, September 15th. Finally, Mizuho decreased their target price on Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $175.81.

Corning Price Performance

Shares of NYSE GLW opened at $126.05 on Wednesday. The firm has a 50-day simple moving average of $146.97 and a 200-day simple moving average of $155.31. 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 stock has a market capitalization of $108.58 billion, a price-to-earnings ratio of 51.03, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23. Corning Incorporated has a 52 week low of $77.39 and a 52 week high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the prior year, the firm earned $0.67 EPS. Corning's quarterly revenue was up 18.9% on a year-over-year basis. On average, equities analysts predict that Corning Incorporated will post 3.37 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. Corning's dividend payout ratio is 45.34%.

Insider Activity

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

Corning Profile

Corning Incorporated NYSE: GLW is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company's products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.

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