M. Kulyk & Associates LLC Sells 22,300 Shares of Corning Incorporated (NYSE:GLW)

M. Kulyk & Associates LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 24.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,373 shares of the electronics maker's stock after selling 22,300 shares during the period. M. Kulyk & Associates LLC's holdings in Corning were worth $3,222,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Corning during the fourth quarter worth about $490,933,000. Polar Capital Holdings Plc acquired a new position in shares of Corning during the 4th quarter worth about $124,253,000. Mariner LLC lifted its holdings in shares of Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after purchasing an additional 2,215,840 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Corning by 101.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock worth $135,140,000 after acquiring an additional 1,483,151 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Corning by 3,441.4% during the 1st quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after buying an additional 1,156,746 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.4%

GLW stock traded down $0.23 during midday trading on Friday, reaching $55.50. The company's stock had a trading volume of 2,345,544 shares, compared to its average volume of 5,551,686. The business's 50-day simple moving average is $51.31 and its 200-day simple moving average is $48.65. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The stock has a market cap of $47.53 billion, a PE ratio of 106.68, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $56.25.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Insider Transactions at Corning

In other news, SVP Soumya Seetharam sold 6,505 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president directly owned 25,000 shares in the company, valued at approximately $1,250,250. The trade was a 20.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GLW shares. Morgan Stanley raised their price objective on Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on Corning from $52.00 to $62.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. UBS Group boosted their price target on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a report on Wednesday, July 9th. Mizuho boosted their target price on shares of Corning from $52.00 to $59.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Oppenheimer cut their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $57.45.

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.