Mizuho Securities USA LLC Cuts Position in Corning Incorporated (NYSE:GLW)

Key Points

• Mizuho Securities USA LLC has reduced its stake in Corning Incorporated by 15.5%, now holding 61,726 shares valued at approximately $2.83 million.
• Corning's stock has received several positive analyst ratings with a consensus target price of $65.17, indicating a strong outlook for the company.
• Corning declared a quarterly dividend of $0.28 per share, resulting in an annualized dividend yield of 1.7%, despite a high payout ratio of 119.15%.

Mizuho Securities USA LLC decreased its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,726 shares of the electronics maker's stock after selling 11,308 shares during the period. Mizuho Securities USA LLC's holdings in Corning were worth $2,826,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. University of Texas Texas AM Investment Management Co. grew its stake in Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after purchasing an additional 214 shares in the last quarter. Seeds Investor LLC grew its stake in Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock worth $366,000 after purchasing an additional 221 shares in the last quarter. Harbour Investments Inc. grew its stake in Corning by 2.4% during the 1st quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock worth $434,000 after purchasing an additional 224 shares in the last quarter. CreativeOne Wealth LLC grew its stake in Corning by 2.4% during the 4th quarter. CreativeOne Wealth LLC now owns 10,182 shares of the electronics maker's stock worth $484,000 after purchasing an additional 238 shares in the last quarter. Finally, Old North State Wealth Management LLC grew its stake in Corning by 0.6% during the 1st quarter. Old North State Wealth Management LLC now owns 40,107 shares of the electronics maker's stock worth $1,836,000 after purchasing an additional 239 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. Wolfe Research initiated coverage on Corning in a research note on Tuesday, July 8th. They set an "outperform" rating for the company. Argus reiterated a "buy" rating and set a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Susquehanna reiterated a "positive" rating and set a $75.00 target price (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Barclays boosted their target price on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Finally, Citigroup boosted their target price on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $65.17.

Insiders Place Their Bets

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction dated 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 transaction, the chief financial officer directly owned 78,316 shares of the company's stock, valued at $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,484 shares of company stock valued at $12,813,804. 0.32% of the stock is owned by insiders.

Corning Price Performance

Shares of NYSE:GLW opened at $65.84 on Monday. The company has a 50-day simple moving average of $54.21 and a 200-day simple moving average of $49.62. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50. The stock has a market capitalization of $56.40 billion, a price-to-earnings ratio of 70.04, a PEG ratio of 1.48 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. During the same period in the prior year, the company earned $0.47 earnings per share. On average, analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's dividend payout ratio is presently 119.15%.

Corning Company 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.

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