Corning Incorporated (NYSE:GLW) Shares Sold by Dupont Capital Management Corp

Dupont Capital Management Corp decreased its position in Corning Incorporated (NYSE:GLW) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,182 shares of the electronics maker’s stock after selling 405 shares during the quarter. Dupont Capital Management Corp’s holdings in Corning were worth $575,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA increased its stake in Corning by 700.0% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock valued at $29,000 after purchasing an additional 1,225 shares during the last quarter. First Command Bank increased its stake in Corning by 49.4% in the second quarter. First Command Bank now owns 1,164 shares of the electronics maker’s stock valued at $30,000 after purchasing an additional 385 shares during the last quarter. First PREMIER Bank increased its stake in Corning by 303.3% in the second quarter. First PREMIER Bank now owns 1,210 shares of the electronics maker’s stock valued at $31,000 after purchasing an additional 910 shares during the last quarter. Watson Rebecca purchased a new position in Corning in the second quarter valued at approximately $32,000. Finally, FinTrust Capital Advisors LLC increased its stake in Corning by 41.6% in the first quarter. FinTrust Capital Advisors LLC now owns 2,102 shares of the electronics maker’s stock valued at $43,000 after purchasing an additional 618 shares during the last quarter. 72.96% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:GLW opened at $31.00 on Friday. The company has a market capitalization of $23.59 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 13.89 and a beta of 1.10. The company has a quick ratio of 1.44, a current ratio of 2.27 and a debt-to-equity ratio of 0.79. Corning Incorporated has a 52-week low of $17.44 and a 52-week high of $31.82. The stock has a fifty day simple moving average of $27.43 and a 200-day simple moving average of $24.73.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.13. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. The business’s revenue was down 11.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 1.2 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, August 28th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Thursday, August 27th. Corning’s dividend payout ratio is presently 50.00%.

In related news, CEO Wendell P. Weeks sold 94,928 shares of Corning stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $31.07, for a total transaction of $2,949,412.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of Corning stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total value of $918,239.98. Following the sale, the insider now owns 169,128 shares of the company’s stock, valued at approximately $5,356,283.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 186,762 shares of company stock valued at $5,812,645. 0.47% of the stock is currently owned by company insiders.

GLW has been the topic of a number of research reports. Barclays raised their target price on shares of Corning from $22.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Wednesday. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $25.00 to $36.00 in a research report on Thursday, July 16th. Morgan Stanley raised their target price on shares of Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 10th. Citigroup lifted their price objective on shares of Corning from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Oppenheimer assumed coverage on shares of Corning in a research report on Tuesday, July 28th. They issued a “hold” rating on the stock. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Corning currently has an average rating of “Hold” and a consensus target price of $31.90.

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.

Further Reading: Profit margin is different from the revenue

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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