Corning Incorporated $GLW Stock Sold by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management cut its Corning stake by 82.2% in the third quarter, selling 9,700 shares and retaining 2,100 shares worth approximately $323,000. Institutional investors collectively own 69.8% of Corning.
• Corning reported quarterly EPS of $0.91, exceeding the $0.88 consensus estimate, while revenue rose 18.9% year over year to $5.08 billion. The company also declared a quarterly dividend of $0.28 per share, equal to a 0.9% annualized yield.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $175.81, although several firms recently lowered their targets or maintained neutral ratings.

BOCHK Asset Management Ltd trimmed its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 82.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,100 shares of the electronics maker's stock after selling 9,700 shares during the quarter. BOCHK Asset Management Ltd's holdings in Corning were worth $323,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Atwood & Palmer Inc. purchased a new position in shares of Corning during the 2nd quarter valued at about $26,000. Rogco LP purchased a new stake in Corning in the 2nd quarter worth approximately $27,000. Western Pacific Wealth Management LP purchased a new stake in Corning in the 3rd quarter worth approximately $25,000. Kings Path Partners LLC bought a new stake in Corning during the 3rd quarter worth approximately $25,000. Finally, Toth Financial Advisory Corp raised its stake in 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 acquiring an additional 98 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Price Performance

Shares of Corning stock opened at $123.51 on Tuesday. The stock has a market cap of $106.39 billion, a price-to-earnings ratio of 42.19, a price-to-earnings-growth ratio of 1.62 and a beta of 1.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.24 and a current ratio of 1.72. The stock has a 50 day moving average price of $147.35 and a 200-day moving average price of $155.13. Corning Incorporated has a one year low of $77.39 and a one year high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its 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 the consensus estimate of $5.03 billion. During the same quarter in the previous year, the company posted $0.67 EPS. The company's revenue for the quarter was up 18.9% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 3.37 EPS for the current year.

Corning Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction 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 sale, the executive vice president owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

GLW has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Corning from $165.00 to $155.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 28th. Oppenheimer lowered their target price on shares of Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Zacks Research raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 28th. Weiss Ratings downgraded shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, August 21st. Finally, Sanford C. Bernstein assumed coverage on Corning in a research note on Wednesday, September 30th. They issued a "market perform" rating and a $140.00 price target for the company. One 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $175.81.

Corning Company 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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.