Gulf International Bank UK Ltd Sells 16,433 Shares of Corning Incorporated $GLW

Key Points

• Gulf International Bank UK Ltd sold 16,433 shares of Corning Incorporated, reducing its stake by 26.0% to 46,802 shares, valued at approximately $2.14 million as of the latest SEC filing.
• Corning reported a quarterly earnings per share of $0.60, exceeding analysts' expectations, and had a revenue of $3.86 billion for the quarter.
• Several analysts have increased their price targets for Corning, with Barclays raising it to $65.00, indicating a positive outlook for the company's stock.

Gulf International Bank UK Ltd cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 26.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,802 shares of the electronics maker's stock after selling 16,433 shares during the quarter. Gulf International Bank UK Ltd's holdings in Corning were worth $2,142,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Vermillion Wealth Management Inc. acquired a new position in Corning during the fourth quarter worth $29,000. Putney Financial Group LLC acquired a new position in Corning during the fourth quarter worth $30,000. Investment Management Corp VA ADV increased its position in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after buying an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after buying an additional 353 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Corning during the first quarter worth $38,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Price Performance

Shares of Corning stock traded up $0.10 during midday trading on Monday, reaching $65.54. The company had a trading volume of 3,083,198 shares, compared to its average volume of 5,632,552. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $56.14 billion, a price-to-earnings ratio of 69.72, a price-to-earnings-growth ratio of 1.47 and a beta of 1.08. The stock has a fifty day simple moving average of $55.70 and a 200 day simple moving average of $50.13. Corning Incorporated has a 1-year low of $37.31 and a 1-year high of $66.50.

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

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. 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 payout ratio is currently 119.15%.

Insider Activity

In other Corning news, CFO Edward A. Schlesinger sold 14,082 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the completion of the sale, the chief financial officer owned 78,316 shares of the company's stock, valued at approximately $4,877,520.48. The trade was a 15.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of Corning stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares of the company's stock, valued at $2,228,933.48. This represents a 29.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,484 shares of company stock worth $12,813,804. Corporate insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group upped their price target on shares of Corning from $57.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Citigroup increased their target price on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Argus reiterated a "buy" rating and issued a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

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.