Twinbeech Capital LP Has $457,000 Position in Corning Incorporated (NYSE:GLW)

Twinbeech Capital LP cut its position in Corning Incorporated (NYSE:GLW) by 22.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,612 shares of the electronics maker’s stock after selling 2,855 shares during the period. Twinbeech Capital LP’s holdings in Corning were worth $457,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Tidal Investments LLC boosted its stake in Corning by 28.3% during the 4th quarter. Tidal Investments LLC now owns 53,300 shares of the electronics maker’s stock valued at $2,533,000 after purchasing an additional 11,765 shares during the last quarter. State of Wyoming raised its holdings in shares of Corning by 67.4% in the 4th quarter. State of Wyoming now owns 8,213 shares of the electronics maker’s stock worth $390,000 after purchasing an additional 3,308 shares during the period. Toronto Dominion Bank raised its holdings in shares of Corning by 0.9% in the 4th quarter. Toronto Dominion Bank now owns 292,523 shares of the electronics maker’s stock worth $13,901,000 after purchasing an additional 2,670 shares during the period. Shellback Capital LP bought a new stake in shares of Corning in the 4th quarter worth approximately $10,454,000. Finally, Security National Bank of SO Dak purchased a new position in Corning in the 4th quarter valued at approximately $240,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Oppenheimer dropped their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, Citigroup decreased their price target on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

Insider Activity

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president now directly owns 9,610 shares of the company’s stock, valued at $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Price Performance

Shares of GLW opened at $48.53 on Friday. The firm’s 50-day simple moving average is $44.76 and its two-hundred day simple moving average is $47.51. Corning Incorporated has a fifty-two week low of $35.40 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market cap of $41.56 billion, a PE ratio of 83.67, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping 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 business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same period last year, the firm earned $0.38 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis. Analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Corning’s payout ratio is 215.38%.

Corning 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.