Garner Asset Management Corp Lowers Position in Corning Incorporated (NYSE:GLW)

Garner Asset Management Corp cut its stake in Corning Incorporated (NYSE:GLW) by 5.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,481 shares of the electronics maker’s stock after selling 2,620 shares during the period. Corning accounts for approximately 0.9% of Garner Asset Management Corp’s portfolio, making the stock its 29th largest position. Garner Asset Management Corp’s holdings in Corning were worth $2,128,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vermillion Wealth Management Inc. bought a new stake in Corning in the 4th quarter worth approximately $29,000. Putney Financial Group LLC purchased a new position in shares of Corning during the 4th quarter valued at $30,000. Transce3nd LLC purchased a new position in shares of Corning during the 4th quarter valued at $39,000. ORG Partners LLC lifted its stake in Corning by 115.8% in the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after purchasing an additional 476 shares in the last quarter. Finally, Dunhill Financial LLC lifted its stake in Corning by 77.1% in the 4th quarter. Dunhill Financial LLC now owns 905 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 394 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

Shares of GLW stock traded down $0.34 during trading on Tuesday, reaching $53.56. 283,838 shares of the company’s stock were exchanged, compared to its average volume of 5,240,625. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average price is $50.70 and its 200-day moving average price is $48.47. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33. The stock has a market capitalization of $45.87 billion, a PE ratio of 102.98, a PEG ratio of 1.46 and a beta of 1.11.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. As a group, sell-side 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 Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.09%. The ex-dividend date is Friday, August 29th. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Analyst Upgrades and Downgrades

Several brokerages have commented on GLW. Wolfe Research began coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an “outperform” rating on the stock. Morgan Stanley boosted their target price on shares of Corning from $44.00 to $50.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Corning from $52.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.45.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The stock was 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 Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president owned 9,610 shares of the company’s stock, valued at $450,805.10. This trade represents a 45.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by insiders.

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.