Holderness Investments Co. Raises Holdings in Corning Incorporated (NYSE:GLW)

Holderness Investments Co. raised its holdings in shares of Corning Incorporated (NYSE:GLW) by 0.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 39,074 shares of the electronics maker’s stock after acquiring an additional 295 shares during the quarter. Holderness Investments Co.’s holdings in Corning were worth $1,789,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in GLW. Polar Capital Holdings Plc purchased a new stake in Corning during the 4th quarter valued at $124,253,000. Nuveen LLC purchased a new stake in Corning during the 1st quarter valued at $104,789,000. Assenagon Asset Management S.A. boosted its stake in Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker’s stock valued at $135,140,000 after purchasing an additional 1,483,151 shares during the last quarter. SG Americas Securities LLC boosted its stake in Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker’s stock valued at $54,495,000 after purchasing an additional 1,156,746 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Corning by 37.1% in the 1st quarter. Deutsche Bank AG now owns 3,835,799 shares of the electronics maker’s stock worth $175,603,000 after buying an additional 1,037,875 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Lewis A. Steverson sold 16,646 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president directly owned 39,759 shares in the company, valued at $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the business’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the transaction, the senior vice president owned 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,484 shares of company stock valued at $12,813,804. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GLW. UBS Group raised their price target on Corning from $57.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded Corning from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 2nd. Oppenheimer restated an “outperform” rating and issued a $72.00 price target (up from $55.00) on shares of Corning in a research note on Wednesday, July 30th. Barclays raised their price target on Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 30th. Finally, Morgan Stanley set a $56.00 price target on Corning and gave the stock an “equal weight” rating in a research note on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.17.

Corning Price Performance

NYSE GLW opened at $65.74 on Thursday. The company has a market capitalization of $56.31 billion, a PE ratio of 69.94, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The business’s fifty day moving average is $55.11 and its 200 day moving average is $49.91. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the previous year, the business earned $0.47 earnings per share. Sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning’s payout ratio is presently 119.15%.

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.