Corning Incorporated (NYSE:GLW) is Cookson Peirce & Co. Inc.'s 10th Largest Position

Key Points

• Cookson Peirce & Co. Inc. has reduced its stake in Corning Incorporated by 1.1%, maintaining roughly 2.3% of its portfolio, making Corning its 10th largest position.
• In the latest quarter, insider selling included CEO Wendell P. Weeks, who sold over 82,000 shares valued at approximately $5.35 million, reducing his ownership by 9.21%.
• Corning has a current market cap of $56.31 billion and recently reported earnings that surpassed analyst expectations, earning $0.60 per share against a consensus estimate of $0.57.

Cookson Peirce & Co. Inc. cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 1.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 998,251 shares of the electronics maker's stock after selling 10,957 shares during the period. Corning comprises approximately 2.3% of Cookson Peirce & Co. Inc.'s portfolio, making the stock its 10th largest position. Cookson Peirce & Co. Inc. owned about 0.12% of Corning worth $45,700,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vermillion Wealth Management Inc. purchased a new position in Corning in the fourth quarter worth $29,000. Putney Financial Group LLC purchased a new position in Corning in the fourth quarter worth $30,000. Investment Management Corp VA ADV grew its position in Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its position in Corning by 90.1% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after acquiring an additional 353 shares in the last quarter. Finally, Transce3nd LLC purchased a new position in Corning in the fourth quarter worth $39,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the completion of the transaction, the chief executive officer directly owned 809,295 shares of the company's stock, valued at $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 211,484 shares of company stock valued at $12,813,804 over the last quarter. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

GLW has been the subject of several research reports. Mizuho set a $74.00 target price on shares of Corning and gave the stock an "outperform" rating in a research report on Friday, August 8th. Wolfe Research initiated coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. Argus restated a "buy" rating and set a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Barclays upped their price target on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Oppenheimer restated an "outperform" rating and set a $72.00 price target (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Stock Performance

Shares of NYSE:GLW opened at $65.74 on Thursday. The company has a market cap of $56.31 billion, a price-to-earnings ratio of 69.94, a price-to-earnings-growth ratio of 1.48 and a beta of 1.08. The company has a 50-day moving average price of $55.11 and a 200-day moving average price of $49.91. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. As a group, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Corning Company 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.

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