Cresset Asset Management LLC Sells 7,361 Shares of Corning Incorporated (NYSE:GLW)

Cresset Asset Management LLC decreased its position in Corning Incorporated (NYSE:GLWGet Rating) by 3.3% during the 1st quarter, Holdings Channel reports. The firm owned 212,772 shares of the electronics maker’s stock after selling 7,361 shares during the period. Cresset Asset Management LLC’s holdings in Corning were worth $7,854,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Corning by 0.7% in the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after acquiring an additional 671,480 shares in the last quarter. BlackRock Inc. boosted its holdings in Corning by 0.7% in the first quarter. BlackRock Inc. now owns 54,112,594 shares of the electronics maker’s stock valued at $1,997,293,000 after acquiring an additional 384,619 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Corning by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock valued at $531,311,000 after acquiring an additional 943,020 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Corning by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 9,234,388 shares of the electronics maker’s stock valued at $340,891,000 after acquiring an additional 90,882 shares in the last quarter. Finally, Norges Bank bought a new stake in Corning in the fourth quarter valued at $281,919,000. Institutional investors own 69.00% of the company’s stock.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $36.70, for a total value of $204,602.50. Following the completion of the sale, the senior vice president now directly owns 7,345 shares in the company, valued at approximately $269,561.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.36% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on GLW. Credit Suisse Group started coverage on shares of Corning in a report on Tuesday, August 16th. They issued a “neutral” rating and a $36.00 price target on the stock. Citigroup lowered their price objective on Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday. Susquehanna Bancshares lowered their price objective on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a research report on Friday. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered their price objective on Corning from $45.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, July 14th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.64.

Corning Price Performance

GLW opened at $33.64 on Friday. The stock has a 50-day moving average price of $34.63 and a 200-day moving average price of $35.18. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The firm has a market cap of $28.44 billion, a PE ratio of 14.44, a P/E/G ratio of 2.32 and a beta of 1.00. Corning Incorporated has a 1 year low of $30.63 and a 1 year high of $43.47.

Corning (NYSE:GLWGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. The firm had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. Corning’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 EPS. Sell-side analysts predict that Corning Incorporated will post 2.23 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.21%. Corning’s payout ratio is 46.35%.

Corning Company Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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