Cornerstone Capital Inc. Has $17.06 Million Position in Corning Incorporated (NYSE:GLW)

Cornerstone Capital Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 10.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 560,235 shares of the electronics maker’s stock after selling 65,577 shares during the period. Corning comprises approximately 1.9% of Cornerstone Capital Inc.’s investment portfolio, making the stock its 24th largest holding. Cornerstone Capital Inc. owned 0.07% of Corning worth $17,059,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Natixis Advisors L.P. lifted its stake in Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares in the last quarter. KMG Fiduciary Partners LLC bought a new position in Corning during the 4th quarter valued at $1,199,000. Socha Financial Group LLC lifted its stake in Corning by 8.8% during the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after acquiring an additional 27,772 shares in the last quarter. HB Wealth Management LLC lifted its stake in Corning by 24.2% during the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after acquiring an additional 1,926 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after acquiring an additional 40,564 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.40% of the company’s stock.

Corning Trading Down 0.1 %

Shares of Corning stock opened at $31.33 on Friday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The stock’s 50-day simple moving average is $32.28 and its 200 day simple moving average is $30.46. The stock has a market capitalization of $26.80 billion, a P/E ratio of 46.76, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 EPS. As a group, research analysts anticipate that Corning Incorporated will post 1.87 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is presently 167.16%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on GLW shares. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. lifted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Morgan Stanley reiterated an “overweight” rating and set a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. Finally, UBS Group lifted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $34.78.

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.