Cullen Investment Group LTD. Cuts Stock Holdings in Corning Incorporated (NYSE:GLW)

Cullen Investment Group LTD. lowered its stake in Corning Incorporated (NYSE:GLW) by 2.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,986 shares of the electronics maker’s stock after selling 2,027 shares during the period. Cullen Investment Group LTD.’s holdings in Corning were worth $3,431,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Access Investment Management LLC bought a new stake in Corning during the 1st quarter valued at $28,000. Future Financial Wealth Managment LLC bought a new stake in shares of Corning in the 1st quarter worth approximately $33,000. Register Financial Advisors LLC purchased a new position in shares of Corning during the first quarter valued at approximately $33,000. ESL Trust Services LLC bought a new position in shares of Corning during the first quarter valued at approximately $33,000. Finally, Riverview Trust Co purchased a new stake in Corning in the first quarter worth $35,000. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research note on Tuesday, July 9th. Oppenheimer raised their target price on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Barclays upped their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Argus boosted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Monday, June 17th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Stock Performance

Shares of GLW traded up $0.29 during trading hours on Friday, hitting $44.88. The stock had a trading volume of 2,369,989 shares, compared to its average volume of 5,801,446. The firm has a market capitalization of $38.45 billion, a PE ratio of 63.21, a PEG ratio of 1.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The stock has a fifty day moving average price of $41.81 and a 200 day moving average price of $38.36.

Corning (NYSE:GLW) last issued its quarterly earnings data 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 firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 EPS. Analysts anticipate that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.50%. Corning’s dividend payout ratio (DPR) is 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.