Neuberger Berman Group LLC Trims Stock Holdings in Corning Incorporated (NYSE:GLW)

Neuberger Berman Group LLC reduced its stake in Corning Incorporated (NYSE:GLWGet Rating) by 5.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,801,098 shares of the electronics maker’s stock after selling 207,121 shares during the quarter. Neuberger Berman Group LLC owned about 0.45% of Corning worth $140,327,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GLW. Norges Bank purchased a new position in Corning during the fourth quarter worth about $281,919,000. Prudential Financial Inc. lifted its position in Corning by 197.7% during the first quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock worth $75,066,000 after buying an additional 1,350,499 shares during the period. Envestnet Asset Management Inc. lifted its position in Corning by 77.1% during the first quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock worth $113,828,000 after buying an additional 1,342,976 shares during the period. Geode Capital Management LLC lifted its position in Corning by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $531,311,000 after buying an additional 943,020 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in Corning during the first quarter worth about $29,668,000. 69.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the transaction, the senior vice president now owns 7,345 shares of the company’s stock, valued at approximately $269,561.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.36% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of NYSE GLW opened at $32.06 on Friday. Corning Incorporated has a fifty-two week low of $30.63 and a fifty-two week high of $43.47. The business has a 50 day moving average price of $34.72 and a two-hundred day moving average price of $35.01. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56. The firm has a market cap of $27.10 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 2.28 and a beta of 1.00.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, August 31st will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Tuesday, August 30th. Corning’s dividend payout ratio is presently 46.35%.

About Corning

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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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