TD Asset Management Inc Decreases Stake in Corning Incorporated (NYSE:GLW)

TD Asset Management Inc reduced its position in Corning Incorporated (NYSE:GLWFree Report) by 7.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 267,123 shares of the electronics maker’s stock after selling 20,786 shares during the period. TD Asset Management Inc’s holdings in Corning were worth $8,134,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GLW. Cape Investment Advisory Inc. raised its stake in shares of Corning by 800.0% in the 4th 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 in the last quarter. SRS Capital Advisors Inc. raised its stake in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Corning in the 4th quarter valued at about $31,000. EverSource Wealth Advisors LLC raised its stake in shares of Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 823 shares in the last quarter. Finally, Emfo LLC acquired a new stake in shares of Corning in the 4th quarter valued at about $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 1.0 %

Corning stock opened at $37.01 on Wednesday. The firm has a 50 day simple moving average of $33.64 and a 200-day simple moving average of $31.90. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The stock has a market capitalization of $31.70 billion, a PE ratio of 52.12, a price-to-earnings-growth ratio of 1.70 and a beta of 1.08. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $37.51.

Corning (NYSE:GLWGet Free Report) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.41 earnings per share. As a group, equities research analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Mizuho assumed coverage on shares of Corning in a research note on Tuesday, May 7th. They set a “neutral” rating and a $36.00 price objective on the stock. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Finally, JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of “Hold” and an average target price of $35.90.

Get Our Latest Report on GLW

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 239,841 shares of company stock worth $7,971,257. Corporate insiders own 0.45% of the company’s stock.

Corning Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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