CapWealth Advisors LLC Has $15.98 Million Stake in Corning Incorporated (NYSE:GLW)

CapWealth Advisors LLC decreased its position in Corning Incorporated (NYSE:GLW) by 0.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 524,661 shares of the electronics maker’s stock after selling 1,683 shares during the period. Corning makes up approximately 1.9% of CapWealth Advisors LLC’s holdings, making the stock its 22nd biggest position. CapWealth Advisors LLC’s holdings in Corning were worth $15,976,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Federated Hermes Inc. lifted its holdings in Corning by 1,329.2% in the fourth 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. Daiwa Securities Group Inc. raised its holdings in shares of Corning by 6.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 71,644 shares of the electronics maker’s stock valued at $2,182,000 after purchasing an additional 4,255 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Corning by 3.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 138,081 shares of the electronics maker’s stock valued at $4,205,000 after purchasing an additional 4,342 shares during the period. Everence Capital Management Inc. raised its holdings in shares of Corning by 125.1% during the fourth quarter. Everence Capital Management Inc. now owns 32,890 shares of the electronics maker’s stock valued at $1,002,000 after purchasing an additional 18,280 shares during the period. Finally, SVB Wealth LLC raised its holdings in shares of Corning by 10.0% during the fourth quarter. SVB Wealth LLC now owns 9,790 shares of the electronics maker’s stock valued at $298,000 after purchasing an additional 889 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GLW. JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $34.56.

Corning Stock Up 0.1 %

GLW stock traded up $0.02 during trading on Thursday, reaching $31.00. The stock had a trading volume of 850,206 shares, compared to its average volume of 4,704,966. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $32.35 and its two-hundred day moving average is $30.38. The company has a market capitalization of $26.52 billion, a price-to-earnings ratio of 46.24, a P/E/G ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the firm posted $0.47 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. Equities research analysts forecast that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

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.