Maverick Capital Ltd. Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Maverick Capital Ltd. lowered its position in Corning Incorporated (NYSE:GLW) by 26.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 170,080 shares of the electronics maker’s stock after selling 59,680 shares during the quarter. Maverick Capital Ltd.’s holdings in Corning were worth $5,652,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Magnetar Financial LLC acquired a new stake in shares of Corning during the second quarter valued at $278,000. Wimmer Associates 1 LLC acquired a new stake in shares of Corning during the second quarter valued at $213,000. HM Payson & Co. acquired a new stake in shares of Corning during the second quarter valued at $202,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Corning by 0.5% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 178,995 shares of the electronics maker’s stock valued at $5,962,000 after acquiring an additional 949 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in shares of Corning by 40.1% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 576,177 shares of the electronics maker’s stock valued at $19,146,000 after acquiring an additional 165,013 shares during the last quarter. Institutional investors and hedge funds own 71.14% of the company’s stock.

A number of analysts recently commented on the company. S&P Equity Research lowered Corning from a “positive” rating to a “neutral” rating and decreased their price objective for the company from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research note on Monday, August 26th. Bank of America decreased their price objective on Corning from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Citigroup set a $32.00 price objective on Corning and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Barclays set a $33.00 price objective on Corning and gave the company a “buy” rating in a research note on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Corning presently has an average rating of “Buy” and a consensus price target of $33.67.

Shares of Corning stock traded up $0.26 during trading hours on Monday, reaching $28.64. The stock had a trading volume of 97,930 shares, compared to its average volume of 6,367,431. The firm has a 50 day simple moving average of $28.11 and a two-hundred day simple moving average of $31.37. The firm has a market capitalization of $22.04 billion, a price-to-earnings ratio of 16.07, a P/E/G ratio of 1.82 and a beta of 1.18. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Corning Incorporated has a 1 year low of $26.78 and a 1 year high of $35.92.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The company had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.97 billion. Corning had a return on equity of 15.60% and a net margin of 12.78%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the business posted $0.38 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.71 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.79%. Corning’s dividend payout ratio (DPR) is 44.94%.

In other news, insider Clark S. Kinlin sold 9,667 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total value of $270,095.98. Following the transaction, the insider now directly owns 70,648 shares in the company, valued at approximately $1,973,905.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.

About Corning

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

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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