Primecap Management Co. CA Reduces Stock Position in Corning Incorporated (NYSE:GLW)

Primecap Management Co. CA cut its stake in Corning Incorporated (NYSE:GLW) by 1.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 8,562,019 shares of the electronics maker’s stock after selling 160,100 shares during the quarter. Primecap Management Co. CA’s holdings in Corning were worth $332,634,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Access Investment Management LLC bought a new position in Corning in the 1st quarter worth about $28,000. Cape Investment Advisory Inc. boosted its position in shares of Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Corning during the first quarter valued at approximately $33,000. Register Financial Advisors LLC bought a new stake in Corning during the 1st quarter worth approximately $33,000. Finally, ESL Trust Services LLC purchased a new stake in Corning in the 1st quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GLW shares. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. UBS Group upped their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 9th. Oppenheimer reiterated an “outperform” rating and set a $47.00 price target (down previously from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, July 31st. Finally, Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.62.

Corning Trading Up 1.0 %

Shares of GLW opened at $42.91 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a 50 day moving average price of $41.84 and a 200-day moving average price of $37.26. The firm has a market cap of $36.72 billion, a price-to-earnings ratio of 60.44, a PEG ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion during 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 firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, equities research analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 annualized dividend and a yield of 2.61%. Corning’s payout ratio is currently 157.75%.

Corning 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.