Corning Incorporated (NYSE:GLW) Shares Sold by CapWealth Advisors LLC

CapWealth Advisors LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 17.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 431,536 shares of the electronics maker’s stock after selling 94,192 shares during the period. Corning accounts for about 2.1% of CapWealth Advisors LLC’s portfolio, making the stock its 22nd largest holding. CapWealth Advisors LLC owned approximately 0.05% of Corning worth $16,765,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GLW. Wellington Management Group LLP raised its position in Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Corning by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Corning by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after buying an additional 146,807 shares during the period. Norges Bank purchased a new position in Corning during the fourth quarter worth about $247,721,000. Finally, FIL Ltd increased its position in shares of Corning by 1.5% during the fourth quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after acquiring an additional 105,994 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on GLW. Susquehanna increased their price objective on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research report on Wednesday, July 31st. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Bank of America reduced their price objective on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Oppenheimer restated an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Finally, Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.62.

Corning Stock Up 0.3 %

GLW opened at $41.37 on Friday. The stock has a market capitalization of $35.40 billion, a P/E ratio of 58.27, a P/E/G ratio of 1.60 and a beta of 1.04. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The business has a 50 day simple moving average of $41.48 and a 200-day simple moving average of $36.74. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the business earned $0.45 earnings per share. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.71%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.