Highland Capital Management LLC Sells 510 Shares of Corning Incorporated (NYSE:GLW)

Highland Capital Management LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLWGet Rating) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 112,363 shares of the electronics maker’s stock after selling 510 shares during the quarter. Highland Capital Management LLC’s holdings in Corning were worth $3,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Ferguson Wellman Capital Management Inc. lifted its position in Corning by 7.4% during the second quarter. Ferguson Wellman Capital Management Inc. now owns 18,836 shares of the electronics maker’s stock valued at $594,000 after purchasing an additional 1,300 shares during the last quarter. Boenning & Scattergood Inc. lifted its holdings in shares of Corning by 3.0% in the 2nd quarter. Boenning & Scattergood Inc. now owns 95,888 shares of the electronics maker’s stock worth $3,021,000 after acquiring an additional 2,821 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Corning by 44.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,017 shares of the electronics maker’s stock worth $63,000 after acquiring an additional 622 shares during the last quarter. ACG Wealth bought a new stake in shares of Corning in the 2nd quarter worth about $88,000. Finally, Parkside Investments LLC lifted its holdings in shares of Corning by 3.3% in the 2nd quarter. Parkside Investments LLC now owns 232,394 shares of the electronics maker’s stock worth $7,322,000 after acquiring an additional 7,519 shares during the last quarter. Institutional investors own 69.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on GLW. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Friday, September 16th. UBS Group lowered their target price on shares of Corning to $40.00 and set an “outperform” rating for the company in a report on Wednesday, July 27th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Corning from $39.00 to $37.00 and set a “hold” rating for the company in a report on Thursday, September 15th. Citigroup reduced their price target on shares of Corning from $37.00 to $36.00 and set a “neutral” rating on the stock in a research note on Friday, September 9th. Finally, Susquehanna Bancshares reduced their price target on shares of Corning from $46.00 to $40.00 and set a “positive” rating on the stock in a research note on Friday, September 9th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average target price of $40.27.

Corning Trading Down 1.1 %

NYSE GLW opened at $30.72 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.91 and a current ratio of 1.43. The company has a market capitalization of $25.97 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 2.16 and a beta of 1.00. The company’s 50-day simple moving average is $34.65 and its two-hundred day simple moving average is $34.76. Corning Incorporated has a one year low of $30.61 and a one year high of $43.47.

Corning (NYSE:GLWGet Rating) last posted its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 13.73% and a return on equity of 15.38%. The business had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter last year, the firm posted $0.53 EPS. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. Equities analysts forecast that Corning Incorporated will post 2.22 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Tuesday, August 30th. Corning’s dividend payout ratio is currently 46.35%.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,575 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.36% of the company’s stock.

Corning 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.

See Also

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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