Systematic Financial Management LP Has $2.23 Million Stock Position in Corning Incorporated (NYSE:GLW)

Systematic Financial Management LP trimmed its position in Corning Incorporated (NYSE:GLW) by 58.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,205 shares of the electronics maker’s stock after selling 93,333 shares during the quarter. Systematic Financial Management LP’s holdings in Corning were worth $2,233,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Manchester Financial Inc. acquired a new stake in Corning in the second quarter worth about $29,000. Trustcore Financial Services LLC acquired a new stake in Corning in the first quarter worth about $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Corning in the second quarter worth about $33,000. Thor Advisors LLC acquired a new stake in Corning in the first quarter worth about $35,000. Finally, M&R Capital Management Inc. increased its position in Corning by 317.5% in the second quarter. M&R Capital Management Inc. now owns 1,315 shares of the electronics maker’s stock worth $43,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 70.55% of the company’s stock.

In other Corning news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the transaction, the vice president now owns 66,369 shares in the company, valued at $2,113,188.96. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.46% of the stock is currently owned by company insiders.

GLW traded down $1.05 during midday trading on Friday, reaching $28.10. 136,093 shares of the company were exchanged, compared to its average volume of 6,274,703. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54. Corning Incorporated has a one year low of $27.67 and a one year high of $36.56. The firm has a market cap of $22.76 billion, a PE ratio of 15.79, a P/E/G ratio of 1.44 and a beta of 1.16. The company’s 50-day simple moving average is $32.52.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the business earned $0.38 earnings per share. The company’s revenue was up 7.0% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 1.89 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is currently 44.94%.

A number of analysts recently commented on GLW shares. Susquehanna Bancshares reiterated a “neutral” rating and issued a $30.00 price objective (down from $40.00) on shares of Corning in a research report on Thursday, August 1st. Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research report on Tuesday. Barclays initiated coverage on Corning in a report on Wednesday. They set an “overweight” rating and a $35.00 target price on the stock. S&P Equity Research cut Corning from a “positive” rating to a “neutral” rating and reduced their target price for the stock from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Finally, ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 11th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $34.73.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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