Corning Incorporated (NYSE:GLW) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its position in Corning Incorporated (NYSE:GLW) by 97.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,915 shares of the electronics maker’s stock after selling 1,685,286 shares during the quarter. Federated Hermes Inc.’s holdings in Corning were worth $1,706,000 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 the company. Bridgefront Capital LLC purchased a new position in Corning in the fourth quarter valued at about $813,000. Wahed Invest LLC increased its stake in shares of Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares during the last quarter. Belpointe Asset Management LLC raised its holdings in Corning by 26.4% in the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after acquiring an additional 1,740 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after acquiring an additional 24,421 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co grew its holdings in Corning by 4.7% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock worth $2,154,000 after acquiring an additional 3,152 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GLW. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Wednesday, July 31st. Susquehanna lifted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Oppenheimer lifted their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Corning Price Performance

Shares of NYSE:GLW opened at $44.50 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The firm’s 50 day moving average is $41.73 and its two-hundred day moving average is $37.51. The firm has a market capitalization of $38.08 billion, a P/E ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. Corning’s dividend payout ratio is presently 157.75%.

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.