Cullinan Associates Inc. Trims Stock Position in Corning Incorporated (NYSE:GLW)

Cullinan Associates Inc. reduced its stake in Corning Incorporated (NYSE:GLW) by 4.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 83,574 shares of the electronics maker’s stock after selling 4,290 shares during the quarter. Cullinan Associates Inc.’s holdings in Corning were worth $3,921,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Corning by 4.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after acquiring an additional 426,864 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after acquiring an additional 42,832 shares in the last quarter. Natixis boosted its holdings in shares of Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after purchasing an additional 42,818 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GLW shares. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. upped their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Argus raised their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $47.23.

Corning Trading Down 0.1 %

GLW stock traded down $0.06 on Friday, hitting $46.75. 342,217 shares of the company were exchanged, compared to its average volume of 5,673,453. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a market capitalization of $40.05 billion, a price-to-earnings ratio of 65.93, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72. The business’s fifty day moving average is $43.61 and its two-hundred day moving average is $39.63.

Corning (NYSE:GLW) last released its quarterly earnings data 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 business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date is Friday, November 15th. Corning’s 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.