Mitchell Sinkler & Starr PA Decreases Holdings in Corning Incorporated (NYSE:GLW)

Mitchell Sinkler & Starr PA lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 6.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,090 shares of the electronics maker’s stock after selling 410 shares during the period. Mitchell Sinkler & Starr PA’s holdings in Corning were worth $279,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of GLW. Geode Capital Management LLC grew its holdings in shares of Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after buying an additional 533,686 shares in the last quarter. Northern Trust Corp boosted its position in Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after acquiring an additional 208,826 shares during the last quarter. Norges Bank purchased a new stake in Corning during the 4th quarter valued at about $490,933,000. Dimensional Fund Advisors LP grew its stake in Corning by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after acquiring an additional 78,497 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Corning by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock valued at $290,610,000 after acquiring an additional 80,872 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Morgan Stanley upped their price target on Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Oppenheimer cut their target price on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. UBS Group lifted their price target on Corning from $54.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, July 9th. Mizuho upped their price objective on shares of Corning from $52.00 to $59.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. Finally, Citigroup lifted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $57.73.

Corning Price Performance

Shares of GLW opened at $55.37 on Friday. The firm has a 50-day simple moving average of $51.45 and a two-hundred day simple moving average of $48.71. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $56.25. The stock has a market cap of $47.42 billion, a PE ratio of 106.47, a P/E/G ratio of 1.49 and a beta of 1.11.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, August 29th. Corning’s dividend payout ratio is currently 215.38%.

Insider Activity at Corning

In other news, SVP Soumya Seetharam sold 6,505 shares of the company’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the sale, the senior vice president owned 25,000 shares of the company’s stock, valued at approximately $1,250,250. This represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Z. Zhang sold 9,610 shares of the company’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by company 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.