Corning Incorporated (NYSE:GLW) Position Lessened by Metis Global Partners LLC

Metis Global Partners LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 4.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,374 shares of the electronics maker’s stock after selling 1,756 shares during the quarter. Metis Global Partners LLC’s holdings in Corning were worth $1,138,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Sapient Capital LLC bought a new stake in Corning in the 4th quarter valued at about $314,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Corning by 9.4% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 34,571 shares of the electronics maker’s stock worth $1,053,000 after buying an additional 2,969 shares during the period. Natixis Advisors L.P. grew its holdings in Corning by 29.6% in the 4th quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock worth $3,998,000 after buying an additional 30,001 shares in the last quarter. Fisher Asset Management LLC increased its position in Corning by 61.5% in the 4th quarter. Fisher Asset Management LLC now owns 16,747 shares of the electronics maker’s stock valued at $510,000 after acquiring an additional 6,376 shares during the period. Finally, LGT Group Foundation raised its stake in Corning by 7.0% during the 4th quarter. LGT Group Foundation now owns 245,920 shares of the electronics maker’s stock valued at $7,533,000 after acquiring an additional 16,025 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GLW shares. Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. JPMorgan Chase & Co. lifted their price target on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Finally, Mizuho started coverage on shares of Corning in a report on Tuesday. They issued a “neutral” rating and a $36.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $35.00.

Corning Stock Performance

Shares of GLW opened at $33.93 on Thursday. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The company has a market capitalization of $29.06 billion, a PE ratio of 47.78, a PEG ratio of 1.70 and a beta of 1.07. The company’s 50 day moving average price is $32.40 and its 200 day moving average price is $30.74.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the business posted $0.41 earnings per share. Corning’s revenue for the quarter was down 11.5% compared to the same quarter last year. Research analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 3.30%. Corning’s dividend payout ratio is 157.75%.

Insider Activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 239,841 shares of company stock valued at $7,971,257. 0.45% of the stock is owned by corporate insiders.

About Corning

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.