Deutsche Bank AG Cuts Corning Incorporated (NYSE:GLW) Stake

Deutsche Bank AG trimmed its stake in Corning Incorporated (NYSE: GLW – Get a rating) by 2.8% in the second quarter, the company said in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,046,698 shares of the electronics maker’s stock after selling 88,450 shares during the period. Deutsche Bank AG owned 0.36% of Corning worth $96,003,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. AIA Group Ltd boosted its position in Corning by 51.6% during the second quarter. AIA Group Ltd now owns 17,965 shares of the electronics maker’s stock valued at $566,000 after purchasing an additional 6,113 shares during the period. Alan B. Lancz & Associates Inc. acquired a new stake in Corning in the second quarter worth about $129,000. GHP Investment Advisors Inc. grew its position in Corning by 5.0% during the second quarter. Now GHP Investment Advisors Inc. now owns 195,185 shares of the electronics maker’s stock valued at $6,150,000 after acquiring an additional 9,315 shares during the period. Compagnie Lombard Odier SCmA boosted its position in Corning by 68.5% during the second quarter. Compagnie Lombard Odier SCmA now owns 12,300 shares of the electronics maker’s stock valued at $388,000 after acquiring an additional 5,000 shares during the period. Finally, Ulrich Consultants & Investment Group LLC acquired a new stake in Corning during the second quarter valued at about $1,462,000. Hedge funds and other institutional investors own 69.00% of the company’s shares.

Changes in analysts’ ratings

GLW has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft cut their price target on Corning from $37.00 to $35.00 in a research report on Wednesday, October 26th. Barclays reduced their target price on Corning from $38.00 to $35.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 26th. Citigroup reduced their price objective on Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, September 9th. Susquehanna Bancshares cut their price objective on Corning from $40.00 to $39.00 in a research report on Wednesday, October 26th. Finally, Susquehanna cut their price objective on Corning from $40.00 to $39.00 in a research report on Wednesday, October 26th. Seven investment analysts have rated the stock with a hold rating and five have assigned a “buy” rating to the stock. Corning presently has a consensus rating of “Hold” and a consensus price target of $39.27, according to MarketBeat.

Corning Trading rose 1.8%

NYSE: GLW opened at $33.89 on Monday. The company has a debt-to-equity ratio of 0.57, a gearing ratio of 0.94, and a current ratio of 1.51. Corning Incorporated has a 1 year low of $28.98 and a 1 year high of $43.47. The 50 day simple moving average is $31.79 and the 200 day simple moving average is $33.46. The stock has a market cap of $28.66 billion, a price-to-earnings ratio of 15.84, a price-to-earnings ratio of 2.53 and a beta of 1.05.

Corning (NYSE: GLW – Get a rating) last announced its quarterly earnings data on Tuesday, October 25th. The electronics maker reported $0.51 earnings per share (EPS), meeting the consensus estimate of $0.51. Corning’s return on equity was 15.25% and its net margin was 12.72%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.67 billion. In the same quarter last year, the firm posted $0.56 earnings per share. Corning’s revenue for the quarter was up 0.7% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 2.07 earnings per share for the current fiscal year.

Corning announces dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, November 18th will be paid a dividend of $0.27 per share. That’s $1.08 in annualized dividends and a yield of 3.19%. The ex-dividend date for this dividend is Thursday, November 17th. Corning’s payout ratio is currently 50.47%.

About Corning

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Corning Incorporated is engaged in display technologies, optical communications, environmental technologies, specialty materials and life sciences worldwide. The company’s Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets and portable devices.

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