LSV Asset Management Sells 59,944 Shares of Corning Incorporated (GLW)

LSV Asset Management lowered its stake in Corning Incorporated (NYSE:GLW) by 0.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,448,005 shares of the electronics maker’s stock after selling 59,944 shares during the quarter. LSV Asset Management owned about 1.54% of Corning worth $342,444,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of GLW. IFP Advisors Inc boosted its holdings in Corning by 6.4% in the second quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock valued at $713,000 after purchasing an additional 1,551 shares during the last quarter. Whittier Trust Co. boosted its holdings in Corning by 21.7% in the second quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock valued at $243,000 after purchasing an additional 1,575 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Corning by 8.8% in the second quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock valued at $585,000 after purchasing an additional 1,714 shares during the last quarter. ST Germain D J Co. Inc. boosted its holdings in Corning by 1.3% in the second quarter. ST Germain D J Co. Inc. now owns 135,328 shares of the electronics maker’s stock valued at $3,723,000 after purchasing an additional 1,745 shares during the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in Corning by 7.4% in the first quarter. IFM Investors Pty Ltd now owns 26,809 shares of the electronics maker’s stock valued at $747,000 after purchasing an additional 1,852 shares during the last quarter. Institutional investors and hedge funds own 71.12% of the company’s stock.

NYSE:GLW opened at $32.37 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.58 and a current ratio of 2.23. Corning Incorporated has a 52 week low of $26.11 and a 52 week high of $35.10. The company has a market cap of $26.52 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 2.31 and a beta of 1.40.

Corning (NYSE:GLW) last released its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the business posted $0.42 EPS. Corning’s quarterly revenue was up 10.0% compared to the same quarter last year. research analysts forecast that Corning Incorporated will post 1.73 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Thursday, August 30th. Corning’s dividend payout ratio is presently 41.86%.

In other Corning news, VP Edward A. Schlesinger sold 3,953 shares of the stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $33.46, for a total transaction of $132,267.38. Following the transaction, the vice president now owns 25,991 shares of the company’s stock, valued at approximately $869,658.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Clark S. Kinlin sold 45,298 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $33.15, for a total value of $1,501,628.70. Following the transaction, the executive vice president now directly owns 72,741 shares in the company, valued at approximately $2,411,364.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 612,264 shares of company stock worth $19,079,432. 0.46% of the stock is currently owned by company insiders.

A number of research analysts recently commented on the company. UBS Group increased their price target on Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 26th. Guggenheim reissued a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Tuesday, April 24th. Morgan Stanley increased their price target on Corning from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, July 26th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a report on Wednesday, August 8th. Finally, JPMorgan Chase & Co. assumed coverage on Corning in a report on Thursday, May 3rd. They issued a “neutral” rating and a $33.00 price target for the company. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $33.68.

Corning Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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