Hsbc Holdings PLC Sells 237,811 Shares of Corning Incorporated (NYSE:GLW)

Hsbc Holdings PLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 14.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,448,145 shares of the electronics maker’s stock after selling 237,811 shares during the quarter. Hsbc Holdings PLC owned 0.17% of Corning worth $56,332,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of GLW. Cape Investment Advisory Inc. lifted its position in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares in the last quarter. Access Investment Management LLC acquired a new position in Corning during the 1st quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its position in Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 1st quarter valued at about $33,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Corning in the 1st quarter valued at about $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.2 %

Shares of NYSE:GLW opened at $44.50 on Friday. The company has a market capitalization of $38.08 billion, a PE ratio of 62.68, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. 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 business has a fifty day moving average price of $41.73 and a two-hundred day moving average price of $37.51. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39.

Corning (NYSE:GLW) last issued its quarterly 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 firm had revenue of $3.60 billion for 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 business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 EPS. Analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid 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 currently 157.75%.

Analysts Set New Price Targets

A number of analysts recently issued reports on GLW shares. JPMorgan Chase & Co. increased their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Susquehanna raised their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday. Finally, Barclays raised their price target on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

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.