Corning Incorporated (NYSE:GLW) Shares Sold by Rathbones Group PLC

Rathbones Group PLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 3.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 54,435 shares of the electronics maker’s stock after selling 1,895 shares during the period. Rathbones Group PLC’s holdings in Corning were worth $2,115,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cape Investment Advisory Inc. raised its holdings in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the last quarter. Access Investment Management LLC purchased a new position in Corning in the 1st quarter valued at $28,000. EverSource Wealth Advisors LLC boosted its stake in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of Corning during the first quarter worth $33,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Corning in the first quarter valued at about $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 1.0 %

Shares of NYSE GLW opened at $42.91 on Tuesday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The business’s 50 day moving average is $41.84 and its two-hundred day moving average is $37.26. The firm has a market cap of $36.72 billion, a price-to-earnings ratio of 60.44, a PEG ratio of 1.62 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. Bank of America lowered their price target on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Citigroup upped their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Argus lifted their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. UBS Group upped their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Finally, Oppenheimer reiterated an “outperform” rating and set a $47.00 price target (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

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.