Kornitzer Capital Management Inc. KS Lowers Stock Holdings in Corning Incorporated (NYSE:GLW)

Kornitzer Capital Management Inc. KS cut its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 126,423 shares of the electronics maker's stock after selling 8,335 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Corning were worth $5,788,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker's stock valued at $4,747,402,000 after acquiring an additional 916,528 shares during the period. Geode Capital Management LLC boosted its holdings in Corning by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after acquiring an additional 533,686 shares during the period. Northern Trust Corp raised its position in Corning by 2.0% in the 4th quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock valued at $516,560,000 after purchasing an additional 208,826 shares in the last quarter. Norges Bank acquired a new stake in Corning in the 4th quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP raised its position in Corning by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock valued at $465,723,000 after purchasing an additional 78,497 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last 90 days. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wolfe Research assumed coverage on Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating on the stock. UBS Group increased their price target on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Citigroup increased their price target on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Oppenheimer reduced their price target on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. increased their price target on Corning from $52.00 to $62.00 and gave the company an "overweight" rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $57.45.

Corning Stock Performance

GLW traded down $0.16 during trading on Friday, hitting $54.04. 2,502,221 shares of the stock were exchanged, compared to its average volume of 5,272,082. The firm has a market capitalization of $46.28 billion, a P/E ratio of 103.92, a PEG ratio of 1.46 and a beta of 1.11. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $55.33. The stock has a fifty day moving average price of $50.70 and a two-hundred day moving average price of $48.45. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The firm's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current 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. This represents a $1.12 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio (DPR) 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.