Flputnam Investment Management Co. Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Flputnam Investment Management Co. reduced its holdings in Corning Incorporated (NYSE:GLW) by 4.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 153,158 shares of the electronics maker’s stock after selling 7,337 shares during the period. Flputnam Investment Management Co.’s holdings in Corning were worth $4,664,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Peoples Bank KS purchased a new position in shares of Corning during the 3rd quarter worth about $25,000. OFI Invest Asset Management purchased a new position in shares of Corning during the 3rd quarter worth about $25,000. Janiczek Wealth Management LLC boosted its stake in shares of Corning by 173.6% during the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares during the period. SRS Capital Advisors Inc. boosted its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the period. Finally, Bruce G. Allen Investments LLC purchased a new stake in Corning in the 4th quarter valued at about $31,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on GLW shares. Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group boosted their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of “Hold” and an average price target of $34.56.

Corning Stock Performance

Corning stock traded up $0.13 during mid-day trading on Tuesday, reaching $31.42. 344,783 shares of the company traded hands, compared to its average volume of 4,676,352. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a market capitalization of $26.88 billion, a price-to-earnings ratio of 46.69, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08. The firm’s fifty day moving average is $32.38 and its two-hundred day moving average is $30.37.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 EPS. On average, equities research analysts expect that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by company insiders.

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.