Thompson Siegel & Walmsley LLC Has $11.51 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Thompson Siegel & Walmsley LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW) by 0.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 328,555 shares of the electronics maker’s stock after selling 2,000 shares during the period. Thompson Siegel & Walmsley LLC’s holdings in Corning were worth $11,513,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. Norges Bank acquired a new position in shares of Corning during the fourth quarter valued at $241,456,000. Providence Capital Advisors LLC grew its position in shares of Corning by 3,478.3% during the 1st quarter. Providence Capital Advisors LLC now owns 5,022,955 shares of the electronics maker’s stock worth $142,374,000 after buying an additional 4,882,581 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Corning by 74.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,681,332 shares of the electronics maker’s stock worth $306,278,000 after buying an additional 3,694,339 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Corning by 249.1% in the first quarter. Envestnet Asset Management Inc. now owns 4,854,180 shares of the electronics maker’s stock valued at $51,615,000 after buying an additional 3,463,832 shares during the period. Finally, Morgan Stanley boosted its stake in Corning by 26.5% in the fourth quarter. Morgan Stanley now owns 13,734,071 shares of the electronics maker’s stock valued at $438,666,000 after acquiring an additional 2,875,197 shares during the last quarter. Institutional investors own 67.74% of the company’s stock.

Corning Stock Up 0.4 %

Shares of GLW traded up $0.10 during midday trading on Friday, hitting $28.48. The stock had a trading volume of 3,059,167 shares, compared to its average volume of 4,254,144. The firm has a market cap of $24.30 billion, a price-to-earnings ratio of 41.88, a price-to-earnings-growth ratio of 10.57 and a beta of 1.07. The company has a 50 day simple moving average of $28.93 and a two-hundred day simple moving average of $31.49. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $37.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.70 and a quick ratio of 1.08.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Corning had a net margin of 4.50% and a return on equity of 12.73%. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same period in the prior year, the business posted $0.51 EPS. The firm’s quarterly revenue was down 9.0% compared to the same quarter last year. On average, analysts anticipate that Corning Incorporated will post 1.71 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 17th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.93%. The ex-dividend date is Thursday, November 16th. Corning’s payout ratio is 164.71%.

Analysts Set New Price Targets

Several research firms have recently issued reports on GLW. JPMorgan Chase & Co. reduced their price target on Corning from $36.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 25th. Morgan Stanley cut their price target on shares of Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 25th. StockNews.com initiated coverage on shares of Corning in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Barclays decreased their price target on shares of Corning from $33.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, October 25th. Finally, TheStreet downgraded Corning from a “b-” rating to a “c+” rating in a research note on Thursday, October 12th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.89.

Corning Profile

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