Corning Incorporated (NYSE:GLW) Shares Sold by Insight Inv LLC

Insight Inv LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 5.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,375 shares of the electronics maker’s stock after selling 2,250 shares during the period. Insight Inv LLC’s holdings in Corning were worth $1,646,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Access Investment Management LLC acquired a new stake in shares of Corning in the first quarter valued at $28,000. Cape Investment Advisory Inc. raised its position in Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Corning in the 1st quarter valued at about $33,000. Register Financial Advisors LLC bought a new position in shares of Corning during the 1st quarter valued at about $33,000. Finally, ESL Trust Services LLC acquired a new position in shares of Corning in the 1st quarter worth approximately $33,000. 69.80% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GLW has been the subject of several recent research reports. Citigroup increased their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Oppenheimer reissued an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Susquehanna lifted their target price on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. upped their target price on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Finally, Barclays lifted their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Price Performance

NYSE GLW opened at $40.97 on Tuesday. The company has a 50 day simple moving average of $41.57 and a 200-day simple moving average of $36.92. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The firm has a market capitalization of $35.06 billion, a price-to-earnings ratio of 57.70, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business posted $0.45 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s payout ratio is currently 157.75%.

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.