Baird Financial Group Inc. Has $10.86 Million Stock Position in Corning Incorporated (NYSE:GLW)

Baird Financial Group Inc. lessened its stake in Corning Incorporated (NYSE:GLW) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 228,607 shares of the electronics maker’s stock after selling 8,383 shares during the quarter. Baird Financial Group Inc.’s holdings in Corning were worth $10,863,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC lifted its holdings in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the period. Sierra Ocean LLC bought a new stake in Corning during the fourth quarter worth $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the 4th quarter valued at $29,000. Mainstream Capital Management LLC acquired a new position in shares of Corning during the 4th quarter worth $35,000. Finally, Rosenberg Matthew Hamilton lifted its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after buying an additional 500 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $44.87 on Thursday. The business’s 50 day moving average price is $44.51 and its two-hundred day moving average price is $47.52. The firm has a market cap of $38.44 billion, a PE ratio of 77.35, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning Incorporated has a 52-week low of $33.30 and a 52-week high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. On average, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.50%. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GLW shares. JPMorgan Chase & Co. reduced their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Barclays dropped their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Mizuho set a $52.00 price objective on Corning in a research report on Tuesday, April 15th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.08.

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.