Cornerstone Capital Inc. Reduces Position in Corning Incorporated (NYSE:GLW)

Cornerstone Capital Inc. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 560,235 shares of the electronics maker’s stock after selling 65,577 shares during the quarter. Corning comprises approximately 1.9% of Cornerstone Capital Inc.’s portfolio, making the stock its 24th largest holding. Cornerstone Capital Inc.’s holdings in Corning were worth $17,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC lifted its holdings in Corning by 29.0% in the third quarter. SG Americas Securities LLC now owns 67,794 shares of the electronics maker’s stock valued at $2,066,000 after acquiring an additional 15,229 shares during the period. Exchange Traded Concepts LLC bought a new position in Corning in the third quarter valued at about $1,903,000. Koshinski Asset Management Inc. lifted its holdings in Corning by 4.5% in the third quarter. Koshinski Asset Management Inc. now owns 10,512 shares of the electronics maker’s stock valued at $320,000 after acquiring an additional 451 shares during the period. Oak Thistle LLC bought a new position in Corning in the third quarter valued at about $538,000. Finally, Czech National Bank lifted its holdings in Corning by 48.1% in the third quarter. Czech National Bank now owns 134,175 shares of the electronics maker’s stock valued at $4,088,000 after acquiring an additional 43,601 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. JPMorgan Chase & Co. raised their price objective on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group raised their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $34.78.

Corning Stock Down 0.1 %

Shares of GLW opened at $31.33 on Friday. The business’s 50 day moving average is $32.28 and its 200 day moving average is $30.46. The company has a market capitalization of $26.80 billion, a PE ratio of 46.76, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. Research analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.40% of the stock is currently owned by company insiders.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. 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.