Corning Incorporated (NYSE:GLW) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. lowered its position in Corning Incorporated (NYSE:GLW) by 27.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,446 shares of the electronics maker’s stock after selling 30,959 shares during the period. Cullinan Associates Inc.’s holdings in Corning were worth $2,717,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Corning in the fourth quarter worth $247,721,000. Wellington Management Group LLP boosted its stake in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Ameriprise Financial Inc. grew 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 buying an additional 2,301,745 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in 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 last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of NYSE GLW opened at $38.39 on Wednesday. The business’s 50-day simple moving average is $36.11 and its 200-day simple moving average is $33.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $40.46. The firm has a market cap of $32.88 billion, a price-to-earnings ratio of 54.06, a P/E/G ratio of 1.77 and a beta of 1.05.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. As a group, 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 Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is presently 157.75%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Citigroup increased their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Bank of America increased their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, June 17th. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. Finally, StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, Corning currently has an average rating of “Hold” and a consensus target price of $38.67.

Insiders Place Their Bets

In related news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 over the last 90 days. Corporate insiders own 0.45% of the company’s stock.

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.