Corning Incorporated (NYSE:GLW) Stock Holdings Cut by Federated Hermes Inc.

Federated Hermes Inc. lessened its position in Corning Incorporated (NYSE:GLW) by 97.5% during the second quarter, Holdings Channel reports. The institutional investor owned 43,915 shares of the electronics maker’s stock after selling 1,685,286 shares during the quarter. Federated Hermes Inc.’s holdings in Corning were worth $1,706,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GLW. Price T Rowe Associates Inc. MD raised its position in Corning by 35.1% in 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 acquiring an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP lifted its stake in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in 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 buying an additional 1,828,097 shares in the last quarter. Natixis grew its position in Corning by 2,405.2% in the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after buying an additional 1,735,638 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Corning by 10,626.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after buying an additional 1,003,556 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup raised their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday. UBS Group upped their price objective on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Susquehanna lifted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday. Finally, Argus upped their price target on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Trading Up 0.2 %

NYSE GLW opened at $44.50 on Friday. The company has a market capitalization of $38.08 billion, a PE 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 current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The firm’s fifty day simple moving average is $41.73 and its 200-day simple moving average is $37.51.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 return on equity of 12.69% and a net margin of 3.53%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, August 30th. 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.