Cannell & Co. Lowers Holdings in Corning Incorporated (NYSE:GLW)

Cannell & Co. decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 20.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 184,259 shares of the electronics maker’s stock after selling 47,740 shares during the quarter. Cannell & Co.’s holdings in Corning were worth $5,611,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Ameriprise Financial Inc. increased its position 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 worth $536,114,000 after purchasing an additional 2,301,745 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after acquiring an additional 2,055,388 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Corning by 1,329.2% in the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Corning by 302.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock worth $45,564,000 after acquiring an additional 1,124,787 shares during the last quarter. Finally, Morgan Stanley boosted its position 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 worth $667,279,000 after purchasing an additional 1,060,450 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of Corning stock opened at $33.48 on Thursday. The business has a 50-day simple moving average of $32.32 and a 200-day simple moving average of $30.55. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company has a market cap of $28.64 billion, a PE ratio of 47.15, a P/E/G ratio of 1.85 and a beta of 1.07.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the business posted $0.41 EPS. The firm’s revenue was down 11.5% on a year-over-year basis. On average, equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is presently 157.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GLW. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Finally, UBS Group raised their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Corning presently has an average rating of “Hold” and a consensus price target of $34.89.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.40% of the stock is owned by company insiders.

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.