Cullinan Associates Inc. Cuts Stake in Corning Incorporated (NYSE:GLW)

Cullinan Associates Inc. trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 27.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,446 shares of the electronics maker’s stock after selling 30,959 shares during the period. Cullinan Associates Inc.’s holdings in Corning were worth $2,717,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Corning in the 4th quarter worth approximately $247,721,000. Wellington Management Group LLP grew its holdings in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares during the period. Goldman Sachs Group Inc. raised its holdings in Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in Corning by 1,329.2% during the 4th quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after buying an additional 1,229,031 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.7 %

Corning stock opened at $38.39 on Wednesday. The firm has a market cap of $32.88 billion, a price-to-earnings ratio of 54.06, a PEG ratio of 1.77 and a beta of 1.05. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $40.46. The stock has a fifty day simple moving average of $36.11 and a two-hundred day simple moving average of $33.22.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the firm earned $0.41 EPS. The company’s revenue was down 11.5% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is 157.75%.

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock valued at $5,876,067 over the last quarter. 0.45% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on GLW. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Monday, June 17th. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $35.00 to $38.00 in a research note on Thursday, June 13th. JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. UBS Group upped their price objective on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.67.

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.