128,761 Corning Incorporated $GLW Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 26.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Parallel Advisors LLC increased its holdings in Corning by 0.7% in the 3rd quarter. Parallel Advisors LLC now owns 22,709 shares of the electronics maker’s stock valued at $3,492,000 after acquiring an additional 159 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Corning by 549.3% during the third quarter. International Assets Investment Management LLC now owns 12,324 shares of the electronics maker’s stock valued at $1,977,000 after purchasing an additional 10,426 shares in the last quarter. Calamos Wealth Management LLC increased its holdings in shares of Corning by 76.3% in the third quarter. Calamos Wealth Management LLC now owns 1,604 shares of the electronics maker’s stock worth $247,000 after purchasing an additional 694 shares during the last quarter. Calamos Advisors LLC lifted its position in shares of Corning by 2.1% in the third quarter. Calamos Advisors LLC now owns 36,665 shares of the electronics maker’s stock worth $5,638,000 after buying an additional 742 shares in the last quarter. Finally, Alta Advisers Ltd boosted its stake in Corning by 80.3% during the third quarter. Alta Advisers Ltd now owns 5,668 shares of the electronics maker’s stock valued at $872,000 after buying an additional 2,524 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction 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 sale, the executive vice president owned 15,052 shares in the company, valued at $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 SEC, which is available at this hyperlink. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research reports. Barclays lifted their price objective on Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. UBS Group decreased their price target on shares of Corning from $201.00 to $192.00 and set a “buy” rating on the stock in a research note on Wednesday, October 28th. Bank of America reduced their target price on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Oppenheimer decreased their target price on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Finally, Citigroup reaffirmed a “buy” rating on shares of Corning in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $174.56.

Corning Trading Up 9.4%

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

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The firm’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.67 EPS. As a group, analysts expect that Corning Incorporated will post 3.38 EPS for the current year.

Corning Announces Dividend

The firm 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 $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s dividend payout ratio is 45.34%.

Corning Company Profile

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.