Palouse Capital Management Inc. Decreases Holdings in Corning Incorporated (NYSE:GLW)

Palouse Capital Management Inc. lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 2.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 54,003 shares of the electronics maker’s stock after selling 1,370 shares during the period. Palouse Capital Management Inc.’s holdings in Corning were worth $2,098,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Access Investment Management LLC purchased a new stake in Corning in the first quarter worth $28,000. Cape Investment Advisory Inc. lifted its stake in shares of Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares in the last quarter. Future Financial Wealth Managment LLC bought a new stake in Corning during the 1st quarter valued at $33,000. Register Financial Advisors LLC bought a new position in shares of Corning in the first quarter worth $33,000. Finally, ESL Trust Services LLC purchased a new stake in Corning during the 1st quarter worth about $33,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent analyst reports. Barclays increased their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Citigroup increased their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. Susquehanna lifted their target price on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research report on Wednesday, July 31st. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.62.

Corning Stock Performance

Shares of GLW opened at $43.43 on Thursday. The company has a 50-day simple moving average of $41.77 and a two-hundred day simple moving average of $37.38. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm has a market capitalization of $37.16 billion, a PE ratio of 61.17, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. Corning Incorporated has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

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.