Keene & Associates Inc. Decreases Holdings in Corning Incorporated (NYSE:GLW)

Keene & Associates Inc. lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 96,336 shares of the electronics maker’s stock after selling 1,897 shares during the quarter. Corning comprises 3.1% of Keene & Associates Inc.’s investment portfolio, making the stock its 6th largest position. Keene & Associates Inc.’s holdings in Corning were worth $3,743,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Securities Inc. purchased a new stake in Corning during the fourth quarter valued at about $125,000. Avantax Advisory Services Inc. lifted its position in Corning by 63.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 29,442 shares of the electronics maker’s stock worth $897,000 after buying an additional 11,449 shares during the last quarter. Financial Advocates Investment Management boosted its stake in Corning by 15.8% in the fourth quarter. Financial Advocates Investment Management now owns 7,841 shares of the electronics maker’s stock worth $239,000 after buying an additional 1,071 shares in the last quarter. Level Four Advisory Services LLC grew its position in Corning by 3.8% during the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after acquiring an additional 343 shares during the last quarter. Finally, Brown Advisory Inc. raised its stake in shares of Corning by 1.4% during the fourth quarter. Brown Advisory Inc. now owns 129,056 shares of the electronics maker’s stock worth $3,930,000 after acquiring an additional 1,758 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Bank of America decreased their price objective on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, Oppenheimer restated an “outperform” rating and issued a $47.00 target price (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.62.

Corning Price Performance

Shares of NYSE GLW opened at $42.50 on Monday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The stock has a market capitalization of $36.37 billion, a P/E ratio of 59.86, a P/E/G ratio of 1.62 and a beta of 1.04. The company’s 50-day moving average is $41.84 and its 200 day moving average is $37.19. 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 EPS. On average, sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

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.