Qube Research & Technologies Ltd Lowers Stake in Corning Incorporated (NYSE:GLW)

Qube Research & Technologies Ltd reduced its position in shares of Corning Incorporated (NYSE:GLWGet Rating) by 48.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 496,828 shares of the electronics maker’s stock after selling 463,213 shares during the quarter. Qube Research & Technologies Ltd owned 0.06% of Corning worth $18,338,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in Corning by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock valued at $531,311,000 after acquiring an additional 943,020 shares during the last quarter. Northern Trust Corp raised its holdings in Corning by 0.8% in the 4th quarter. Northern Trust Corp now owns 11,518,876 shares of the electronics maker’s stock valued at $428,847,000 after acquiring an additional 88,758 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Corning by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,143,506 shares of the electronics maker’s stock valued at $340,404,000 after acquiring an additional 113,290 shares during the last quarter. Norges Bank acquired a new stake in Corning in the 4th quarter valued at about $281,919,000. Finally, American Century Companies Inc. raised its holdings in Corning by 26.9% in the 4th quarter. American Century Companies Inc. now owns 5,456,844 shares of the electronics maker’s stock valued at $203,158,000 after acquiring an additional 1,157,290 shares during the last quarter. Institutional investors and hedge funds own 68.71% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $35.80 on Friday. Corning Incorporated has a twelve month low of $30.63 and a twelve month high of $43.47. The firm’s fifty day simple moving average is $33.78 and its 200-day simple moving average is $36.16. The firm has a market capitalization of $30.26 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 2.52 and a beta of 0.99. The company has a current ratio of 1.43, a quick ratio of 0.91 and a debt-to-equity ratio of 0.56.

Corning (NYSE:GLWGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 13.73% and a return on equity of 15.38%. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same period last year, the business earned $0.53 EPS. The company’s revenue was up 7.4% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 2.23 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. The ex-dividend date is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.02%. Corning’s dividend payout ratio is currently 46.35%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GLW. JPMorgan Chase & Co. dropped their price target on shares of Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. UBS Group dropped their price target on shares of Corning to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, July 27th. Citigroup cut shares of Corning from a “buy” rating to a “neutral” rating and dropped their price target for the company from $46.00 to $37.00 in a research note on Monday, May 23rd. Morgan Stanley reaffirmed a “hold” rating and set a $40.00 price objective on shares of Corning in a research report on Thursday, April 14th. Finally, StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday, August 1st. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $42.80.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning stock in a transaction on Monday, August 1st. The shares were sold at an average price of $36.70, for a total transaction of $204,602.50. Following the sale, the senior vice president now directly owns 7,345 shares in the company, valued at approximately $269,561.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.36% of the stock is owned by company insiders.

About Corning

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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