Tobam Trims Stake in Corning Incorporated (NYSE:GLW)

Tobam reduced its position in Corning Incorporated (NYSE:GLW) by 62.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,832 shares of the electronics maker’s stock after selling 3,051 shares during the period. Tobam’s holdings in Corning were worth $71,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bridgefront Capital LLC acquired a new position in Corning in the 4th quarter valued at about $813,000. Natixis Advisors L.P. increased its position in Corning by 29.6% in the 4th quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after acquiring an additional 30,001 shares during the period. Wahed Invest LLC increased its position in Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after acquiring an additional 1,028 shares during the period. Belpointe Asset Management LLC increased its position in Corning by 26.4% in the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after acquiring an additional 1,740 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its position in Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after acquiring an additional 24,421 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on GLW shares. Argus boosted their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Barclays boosted their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Finally, Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.62.

Corning Price Performance

GLW stock opened at $41.84 on Friday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The stock’s 50 day moving average price is $41.31 and its 200 day moving average price is $36.47. The firm has a market cap of $35.84 billion, a P/E ratio of 58.93, a PEG ratio of 1.63 and a beta of 1.05.

Corning (NYSE:GLW) last posted 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. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the company earned $0.45 EPS. Corning’s revenue was up 3.5% on a year-over-year basis. On average, sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

About Corning

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.