Corning Incorporated (NYSE:GLW) Position Trimmed by Intech Investment Management LLC

Intech Investment Management LLC decreased its position in Corning Incorporated (NYSE:GLW) by 52.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 111,768 shares of the electronics maker’s stock after selling 120,993 shares during the quarter. Intech Investment Management LLC’s holdings in Corning were worth $3,403,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Natixis Advisors L.P. raised its stake in shares of Corning by 5.9% in the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC bought a new position in Corning in the fourth quarter valued at about $1,199,000. Socha Financial Group LLC raised its position in shares of Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after purchasing an additional 27,772 shares during the period. HB Wealth Management LLC raised its position in Corning by 24.2% in the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after buying an additional 40,564 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.4 %

Shares of NYSE GLW traded up $0.16 during mid-day trading on Monday, reaching $36.28. 2,763,400 shares of the company were exchanged, compared to its average volume of 4,833,290. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market cap of $31.08 billion, a price-to-earnings ratio of 51.10, a P/E/G ratio of 1.64 and a beta of 1.07. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.80. The firm has a 50-day moving average of $33.07 and a 200 day moving average of $31.48.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the business posted $0.41 earnings per share. Corning’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is 157.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on GLW shares. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. JPMorgan Chase & Co. raised their price target on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Mizuho initiated coverage on shares of Corning in a research report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 price objective for the company. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Finally, Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.00.

Insider Activity

In related news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s 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 sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 239,841 shares of company stock valued at $7,971,257. 0.45% of the stock is currently owned by corporate 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.