CIBC Asset Management Inc Has $4.90 Million Holdings in Corning Incorporated (NYSE:GLW)

CIBC Asset Management Inc lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 2.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 126,141 shares of the electronics maker’s stock after selling 3,696 shares during the quarter. CIBC Asset Management Inc’s holdings in Corning were worth $4,901,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GLW. Norges Bank acquired a new position in Corning during the fourth quarter worth approximately $247,721,000. Price T Rowe Associates Inc. MD increased its position in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Corning by 41.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the period. Finally, Natixis boosted its holdings in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after acquiring an additional 1,735,638 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Up 1.4 %

Shares of GLW stock opened at $41.24 on Thursday. The stock’s fifty day moving average price is $41.43 and its two-hundred day moving average price is $36.71. The company has a market cap of $35.33 billion, a PE ratio of 58.08, a P/E/G ratio of 1.62 and a beta of 1.05. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group boosted their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Finally, Bank of America reduced their price objective on Corning from $47.00 to $46.00 and set a “buy” rating for the company 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

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.