Bahl & Gaynor Inc. Sells 456,236 Shares of Corning Incorporated (NYSE:GLW)

Bahl & Gaynor Inc. lessened its position in shares of Corning Incorporated (NYSE:GLW) by 11.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,537,484 shares of the electronics maker’s stock after selling 456,236 shares during the period. Bahl & Gaynor Inc. owned approximately 0.41% of Corning worth $107,716,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Peoples Bank KS bought a new stake in shares of Corning during the 3rd quarter worth approximately $25,000. OFI Invest Asset Management bought a new stake in shares of Corning during the 3rd quarter worth approximately $25,000. SRS Capital Advisors Inc. lifted its holdings in shares of Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 652 shares during the period. Bruce G. Allen Investments LLC bought a new stake in shares of Corning during the 4th quarter worth approximately $31,000. Finally, Emfo LLC bought a new stake in shares of Corning during the 4th quarter worth approximately $33,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. Finally, Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $34.78.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.40% of the company’s stock.

Corning Stock Down 0.1 %

Corning stock opened at $31.33 on Friday. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average price is $32.28 and its two-hundred day moving average price is $30.45. The firm has a market capitalization of $26.80 billion, a price-to-earnings ratio of 46.76, a price-to-earnings-growth ratio of 1.74 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 EPS. On average, equities research analysts predict that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

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.