Corning Incorporated (NYSE:GLW) Shares Sold by Mitchell Sinkler & Starr PA

Mitchell Sinkler & Starr PA decreased its holdings in Corning Incorporated (NYSE:GLW) by 58.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 6,500 shares of the electronics maker’s stock after selling 9,250 shares during the period. Mitchell Sinkler & Starr PA’s holdings in Corning were worth $253,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Access Investment Management LLC purchased a new stake in shares of Corning during the 1st quarter valued at about $28,000. Cape Investment Advisory Inc. raised its stake 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 purchasing an additional 800 shares during the period. Future Financial Wealth Managment LLC acquired a new position in shares of Corning during the first quarter worth $33,000. Register Financial Advisors LLC purchased a new position in shares of Corning in the first quarter valued at $33,000. Finally, ESL Trust Services LLC purchased a new position in shares of Corning in the first quarter valued at $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GLW has been the subject of several analyst reports. Argus upped their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Bank of America decreased their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Barclays upped their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Finally, Oppenheimer reiterated an “outperform” rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Stock Up 0.5 %

GLW stock opened at $41.16 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm’s 50-day simple moving average is $41.62 and its 200 day simple moving average is $36.98. The stock has a market cap of $35.22 billion, a PE ratio of 57.97, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the company earned $0.45 EPS. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business 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 dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.72%. Corning’s 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.