Kintegral Advisory LLC Decreases Stock Position in Corning Incorporated (NYSE:GLW)

Kintegral Advisory LLC trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 32.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,455 shares of the electronics maker's stock after selling 5,619 shares during the quarter. Kintegral Advisory LLC's holdings in Corning were worth $524,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. LMR Partners LLP lifted its stake 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 purchasing an additional 700,442 shares during the last quarter. Assetmark Inc. lifted its position in shares of Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after buying an additional 542 shares during the last quarter. Gotham Asset Management LLC purchased a new position in shares of Corning during the 4th quarter valued at $306,000. GAMMA Investing LLC lifted its holdings in Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after purchasing an additional 2,567 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC lifted its holdings in Corning by 1.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after purchasing an additional 297 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Citigroup dropped their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Oppenheimer dropped their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. dropped their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average price target of $53.75.

Insider Buying and Selling at Corning

In other Corning news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the transaction, the senior vice president directly owned 16,117 shares of the company's stock, valued at approximately $800,692.56. This trade represents a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.32% of the stock is currently owned by company insiders.

Corning Price Performance

Shares of NYSE:GLW traded down $0.62 on Monday, hitting $52.42. The company's stock had a trading volume of 3,233,568 shares, compared to its average volume of 5,636,013. The company has a 50-day simple moving average of $49.27 and a 200 day simple moving average of $48.13. The company has a market capitalization of $44.90 billion, a PE ratio of 100.81, a PEG ratio of 1.43 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. Corning's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $0.38 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.14%. Corning's payout ratio is 215.38%.

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.