Cyrus J. Lawrence LLC Sells 500 Shares of Corning Incorporated (NYSE:GLW)

Cyrus J. Lawrence LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 33.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,000 shares of the electronics maker’s stock after selling 500 shares during the period. Cyrus J. Lawrence LLC’s holdings in Corning were worth $38,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fairscale Capital LLC bought a new position in Corning during the 2nd quarter valued at approximately $128,000. Frank Rimerman Advisors LLC bought a new position in Corning during the 2nd quarter valued at approximately $484,000. Holderness Investments Co. increased its position in Corning by 1.0% during the 2nd quarter. Holderness Investments Co. now owns 38,400 shares of the electronics maker’s stock valued at $1,492,000 after buying an additional 362 shares in the last quarter. Profund Advisors LLC increased its position in Corning by 7.1% during the 2nd quarter. Profund Advisors LLC now owns 15,593 shares of the electronics maker’s stock valued at $606,000 after buying an additional 1,036 shares in the last quarter. Finally, Hancock Whitney Corp bought a new position in Corning during the 2nd quarter valued at approximately $211,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GLW. Bank of America raised their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday. Oppenheimer lifted their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group lifted their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Argus lifted their target price on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Barclays lifted their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Stock Performance

GLW stock opened at $44.50 on Monday. The company has a market cap of $38.12 billion, a P/E ratio of 62.68, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock’s fifty day moving average price is $41.73 and its 200-day moving average price is $37.58.

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

Corning Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 2.52%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Corning Company 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.