Corning Incorporated (NYSE:GLW) Holdings Trimmed by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 4.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 793,717 shares of the electronics maker’s stock after selling 40,992 shares during the period. Cullen Frost Bankers Inc. owned 0.09% of Corning worth $24,169,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Corning by 7.7% during the 3rd quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after purchasing an additional 2,055,388 shares in the last quarter. Morgan Stanley boosted its stake in shares of Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after buying an additional 1,060,450 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares during the period. Northern Trust Corp boosted its stake in shares of Corning by 2.0% during the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after buying an additional 232,699 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Corning by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,588,198 shares of the electronics maker’s stock valued at $139,711,000 after buying an additional 105,464 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated 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 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 document filed with the SEC, which is available through this link. In other news, VP Martin J. Curran sold 16,416 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 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 owns 70,110 shares in the company, valued at $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold a total of 239,841 shares of company stock worth $7,971,257 over the last ninety days. Corporate insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

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

Corning Stock Performance

Shares of NYSE:GLW traded down $0.01 on Tuesday, hitting $33.43. 3,997,451 shares of the company were exchanged, compared to its average volume of 4,860,802. The firm has a market capitalization of $28.64 billion, a price-to-earnings ratio of 47.08, a PEG ratio of 1.71 and a beta of 1.07. The company’s 50 day moving average price is $32.40 and its two-hundred day moving average price is $30.74. Corning Incorporated has a one year low of $25.26 and a one year 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.

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

Corning Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Corning 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.