Radnor Capital Management LLC Cuts Position in Corning Incorporated (NYSE:GLW)

Radnor Capital Management LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 6.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,510 shares of the electronics maker’s stock after selling 1,975 shares during the quarter. Radnor Capital Management LLC’s holdings in Corning were worth $1,006,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Norges Bank acquired a new stake in Corning in the 4th quarter valued at $247,721,000. Wellington Management Group LLP grew its position in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Corning by 15.0% during the third 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 period. Goldman Sachs Group Inc. lifted its holdings in Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings 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 worth $40,239,000 after purchasing an additional 1,229,031 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.2 %

NYSE GLW opened at $40.14 on Monday. The company has a market capitalization of $34.38 billion, a P/E ratio of 56.41, a PEG ratio of 1.81 and a beta of 1.08. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $40.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The company’s 50 day simple moving average is $35.17 and its 200 day simple moving average is $32.82.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue was down 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.41 EPS. Equities research analysts expect that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio is presently 157.75%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Citigroup increased their price target on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.67.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

Corning 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.