Hosking Partners LLP Has $20.98 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Hosking Partners LLP reduced its holdings in Corning Incorporated by 0.9%, now owning approximately 458,258 shares valued at $20.98 million after selling 4,343 shares in the first quarter.
• Corning's stock has seen multiple analyst upgrades, with price targets raised by Barclays, Mizuho, and Citigroup, reflecting a consensus rating of "Moderate Buy" and an average price target of $65.17.
• The company recently announced a quarterly dividend of $0.28 per share, representing a yield of 1.7%, with a payout ratio of 119.15% influenced by its earnings of $0.60 per share for the latest quarter.

Hosking Partners LLP decreased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 0.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 458,258 shares of the electronics maker's stock after selling 4,343 shares during the period. Hosking Partners LLP owned 0.05% of Corning worth $20,979,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GLW. Vermillion Wealth Management Inc. purchased a new position in Corning during the fourth quarter worth approximately $29,000. Putney Financial Group LLC purchased a new position in Corning during the fourth quarter worth approximately $30,000. Investment Management Corp VA ADV raised its stake 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 purchasing an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC raised its stake 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 purchasing an additional 353 shares during the period. Finally, Headlands Technologies LLC purchased a new position in Corning during the first quarter worth approximately $38,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GLW. Susquehanna reissued 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. UBS Group raised their price objective on shares of Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Barclays raised their price target on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Finally, Argus restated a "buy" rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Stock Performance

NYSE:GLW traded up $0.75 during mid-day trading on Tuesday, hitting $65.73. The stock had a trading volume of 5,191,837 shares, compared to its average volume of 5,695,663. The stock has a market capitalization of $56.31 billion, a price-to-earnings ratio of 69.93, a P/E/G ratio of 1.48 and a beta of 1.08. The company has a 50 day simple moving average of $54.51 and a 200-day simple moving average of $49.69. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $66.50. 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 (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same period last year, the firm posted $0.47 EPS. On average, research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current fiscal 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 given a $0.28 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.7%. Corning's dividend payout ratio (DPR) is currently 119.15%.

Insider Activity

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the transaction, the executive vice president owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the transaction, the chief operating officer directly owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,484 shares of company stock worth $12,813,804 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

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.