Shapiro Capital Management LLC Sells 1,036,454 Shares of Corning Incorporated (NYSE:GLW)

Shapiro Capital Management LLC cut its stake in shares of Corning Incorporated (NYSE:GLW) by 32.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,112,832 shares of the electronics maker’s stock after selling 1,036,454 shares during the quarter. Corning makes up approximately 2.5% of Shapiro Capital Management LLC’s holdings, making the stock its 21st biggest holding. Shapiro Capital Management LLC owned about 0.25% of Corning worth $82,084,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after acquiring an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares during the last quarter. Natixis boosted its stake in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GLW shares. Barclays lifted their price objective 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. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer upped their target price on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Susquehanna increased their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Trading Up 0.3 %

Shares of Corning stock opened at $44.66 on Tuesday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market cap of $38.25 billion, a P/E ratio of 62.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The firm has a 50-day simple moving average of $41.71 and a two-hundred day simple moving average of $37.66.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.51%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is presently 157.75%.

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.