Yacktman Asset Management LP Trims Stake in Corning Incorporated (NYSE:GLW)

Yacktman Asset Management LP lessened its holdings in Corning Incorporated (NYSE:GLW) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,181,000 shares of the electronics maker’s stock after selling 4,500 shares during the quarter. Yacktman Asset Management LP’s holdings in Corning were worth $45,882,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. National Bank of Canada FI raised its stake in Corning by 29.9% in the second quarter. National Bank of Canada FI now owns 740,766 shares of the electronics maker’s stock worth $28,599,000 after buying an additional 170,605 shares in the last quarter. TD Asset Management Inc grew its stake in Corning by 124.0% in the second quarter. TD Asset Management Inc now owns 610,344 shares of the electronics maker’s stock valued at $23,712,000 after purchasing an additional 337,821 shares during the last quarter. Strategy Asset Managers LLC raised its holdings in Corning by 2.7% in the second quarter. Strategy Asset Managers LLC now owns 74,248 shares of the electronics maker’s stock worth $2,885,000 after purchasing an additional 1,949 shares in the last quarter. Cozad Asset Management Inc. lifted its position in shares of Corning by 7.0% during the second quarter. Cozad Asset Management Inc. now owns 51,198 shares of the electronics maker’s stock valued at $1,989,000 after buying an additional 3,343 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of Corning by 0.9% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 66,229 shares of the electronics maker’s stock valued at $2,573,000 after buying an additional 610 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GLW shares. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research report on Tuesday, July 9th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Barclays raised their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. UBS Group raised their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Finally, Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $45.62.

Corning Trading Up 0.0 %

NYSE:GLW traded up $0.01 during trading hours on Thursday, hitting $41.25. The company had a trading volume of 1,389,464 shares, compared to its average volume of 5,988,040. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The company has a market cap of $35.34 billion, a P/E ratio of 58.08, a P/E/G ratio of 1.62 and a beta of 1.05. The company has a 50-day moving average of $41.43 and a 200 day moving average of $36.71. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

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

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.72%. Corning’s payout ratio is currently 157.75%.

About Corning

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.