Heathbridge Capital Management Ltd. Lowers Stake in Corning Incorporated (NYSE:GLW)

Heathbridge Capital Management Ltd. decreased its position in shares of Corning Incorporated (NYSE:GLW) by 23.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 6,450 shares of the electronics maker’s stock after selling 1,950 shares during the period. Corning accounts for approximately 0.1% of Heathbridge Capital Management Ltd.’s portfolio, making the stock its 25th largest holding. Heathbridge Capital Management Ltd.’s holdings in Corning were worth $226,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. National Pension Service increased its stake in Corning by 4.0% during the second quarter. National Pension Service now owns 1,336,980 shares of the electronics maker’s stock worth $46,407,000 after acquiring an additional 51,726 shares during the last quarter. Alliancebernstein L.P. lifted its position in Corning by 2.4% during the second quarter. Alliancebernstein L.P. now owns 1,086,693 shares of the electronics maker’s stock valued at $38,078,000 after buying an additional 24,999 shares in the last quarter. Equitable Holdings Inc. grew its stake in Corning by 6.0% during the second quarter. Equitable Holdings Inc. now owns 13,709 shares of the electronics maker’s stock worth $480,000 after buying an additional 779 shares during the period. Staley Capital Advisers Inc. increased its position in shares of Corning by 0.3% in the second quarter. Staley Capital Advisers Inc. now owns 1,208,673 shares of the electronics maker’s stock worth $42,352,000 after acquiring an additional 3,546 shares in the last quarter. Finally, Imprint Wealth LLC purchased a new position in shares of Corning in the 2nd quarter valued at $1,577,000. Institutional investors and hedge funds own 67.74% of the company’s stock.

Corning Stock Performance

Corning stock traded down $0.20 during mid-day trading on Monday, hitting $28.28. 2,010,292 shares of the company’s stock traded hands, compared to its average volume of 4,230,730. Corning Incorporated has a one year low of $25.26 and a one year high of $37.10. The company has a market cap of $24.13 billion, a PE ratio of 41.47, a price-to-earnings-growth ratio of 10.57 and a beta of 1.07. The firm has a 50 day moving average price of $28.93 and a 200 day moving average price of $31.48. The company has a quick ratio of 1.08, a current ratio of 1.70 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Corning had a net margin of 4.50% and a return on equity of 12.73%. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the prior year, the company earned $0.51 EPS. The business’s quarterly revenue was down 9.0% on a year-over-year basis. On average, equities analysts forecast that Corning Incorporated will post 1.71 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, November 17th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, November 16th. Corning’s dividend payout ratio (DPR) is presently 164.71%.

Analyst Upgrades and Downgrades

GLW has been the topic of several research reports. Citigroup cut their price objective on Corning from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, October 25th. Deutsche Bank Aktiengesellschaft lowered Corning from a “buy” rating to a “hold” rating and reduced their price target for the stock from $37.00 to $30.00 in a research report on Wednesday, October 25th. Oppenheimer lowered their price objective on shares of Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, October 25th. Morgan Stanley decreased their target price on shares of Corning from $38.00 to $33.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Corning from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, October 25th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $34.89.

Corning Profile

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