Gulf International Bank UK Ltd Has $2.58 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Gulf International Bank UK Ltd trimmed its holdings in Corning Incorporated (NYSE:GLW) by 5.0% during the second quarter, Holdings Channel reports. The institutional investor owned 66,383 shares of the electronics maker’s stock after selling 3,516 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Corning were worth $2,578,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Access Investment Management LLC bought a new position in Corning in the 1st quarter valued at about $28,000. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in Corning during the first quarter worth $33,000. Register Financial Advisors LLC purchased a new stake in Corning in the 1st quarter valued at $33,000. Finally, ESL Trust Services LLC bought a new position in Corning during the 1st quarter valued at $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. Oppenheimer restated an “outperform” rating and set a $47.00 price target (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Bank of America decreased their price target on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Wednesday, July 31st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $45.23.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.40% of the stock is owned by company insiders.

Corning Stock Performance

GLW stock traded down $0.48 during midday trading on Wednesday, reaching $37.85. 5,908,582 shares of the company’s stock traded hands, compared to its average volume of 6,260,102. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a 50-day moving average price of $40.34 and a two-hundred day moving average price of $35.40. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.02 and a current ratio of 1.57. The firm has a market capitalization of $32.42 billion, a PE ratio of 53.31, a price-to-earnings-growth ratio of 1.50 and a beta of 1.05.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the business earned $0.45 earnings per share. Corning’s revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts anticipate that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is 157.75%.

About Corning

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.