Cullen Frost Bankers Inc. Has $30.11 Million Stock Position in Corning Incorporated (NYSE:GLW)

Cullen Frost Bankers Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 774,922 shares of the electronics maker’s stock after selling 9,961 shares during the quarter. Cullen Frost Bankers Inc. owned about 0.09% of Corning worth $30,106,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Cape Investment Advisory Inc. increased its position in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. Access Investment Management LLC bought a new position in Corning during the first quarter worth $28,000. EverSource Wealth Advisors LLC increased its position in Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 823 shares during the period. Future Financial Wealth Managment LLC bought a new position in Corning during the first quarter worth $33,000. Finally, Register Financial Advisors LLC bought a new position in Corning during the first quarter worth $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

NYSE GLW traded down $0.73 on Friday, hitting $40.64. 4,653,314 shares of the company were exchanged, compared to its average volume of 5,995,632. The firm has a 50 day moving average of $41.52 and a two-hundred day moving average of $36.80. The company has a market cap of $34.78 billion, a P/E ratio of 57.26, a P/E/G ratio of 1.60 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $46.39.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. On average, equities analysts predict that Corning Incorporated will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.76%. Corning’s dividend payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, July 31st. Citigroup boosted their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Monday, June 17th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Finally, Bank of America lowered their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

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.