Corning Incorporated (NYSE:GLW) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has significantly reduced its holdings in Corning Incorporated by 94.2%, now owning only 3,388 shares, compared to 54,774 shares previously.
• Multiple analysts have upgraded their price targets for Corning, with Oppenheimer setting a new target at $72.00 and several others raising theirs to around $65.00, indicating a positive outlook.
• Corning recently announced a quarterly dividend of $0.28 per share, with an annual yield of 1.7%, despite a high dividend payout ratio of 119.15%.

Federated Hermes Inc. decreased its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 94.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,388 shares of the electronics maker's stock after selling 54,774 shares during the period. Federated Hermes Inc.'s holdings in Corning were worth $155,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of GLW. LMR Partners LLP boosted its position in Corning by 140.1% in the fourth quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock valued at $57,045,000 after buying an additional 700,442 shares during the last quarter. Gotham Asset Management LLC purchased a new stake in Corning in the fourth quarter valued at approximately $306,000. GAMMA Investing LLC boosted its position in Corning by 29.2% in the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after buying an additional 2,567 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its position in Corning by 1.3% in the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after buying an additional 297 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Corning by 1.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock valued at $59,558,000 after buying an additional 23,781 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Transactions at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the completion of the sale, the senior vice president directly owned 16,117 shares of the company's stock, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president directly owned 35,743 shares of the company's stock, valued at $2,228,933.48. This trade represents 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 worth $12,813,804 in the last quarter. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of recent research reports. Morgan Stanley set a $56.00 target price on Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Mizuho upped their price objective on Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. UBS Group upped their price objective on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Finally, Susquehanna restated a "positive" rating and issued a $75.00 price objective (up previously from $60.00) 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 given a strong buy rating to the company. According to MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Corning Price Performance

Shares of GLW stock traded down $0.76 during trading hours on Friday, hitting $65.00. 676,332 shares of the company's stock were exchanged, compared to its average volume of 5,640,243. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The firm has a market cap of $55.68 billion, a P/E ratio of 69.25, a P/E/G ratio of 1.48 and a beta of 1.08. The firm has a 50 day moving average of $55.41 and a two-hundred day moving average of $50.03. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $66.50.

Corning (NYSE:GLW - Get Free Report) last posted 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 return on equity of 17.27% and a net margin of 5.77%. 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 company earned $0.47 EPS. Sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is currently 119.15%.

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.