Motco Sells 16,710 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Motco reduced its position in Corning Incorporated by 13.9%, holding $4.76 million worth of shares at the end of the last quarter.
• Institutional investors and hedge funds own approximately 69.80% of Corning's stock, with significant stakes purchased by Norges Bank and Polar Capital Holdings.
• Corning announced a quarterly dividend of $0.28, with an annual yield of 2.02%, though its dividend payout ratio stands at 215.38%.

Motco lowered its position in Corning Incorporated (NYSE:GLW - Free Report) by 13.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 103,890 shares of the electronics maker's stock after selling 16,710 shares during the period. Motco's holdings in Corning were worth $4,756,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Integrated Investment Consultants LLC purchased a new stake in Corning during the first quarter valued at approximately $227,000. HB Wealth Management LLC lifted its holdings in shares of Corning by 23.8% during the 1st quarter. HB Wealth Management LLC now owns 76,819 shares of the electronics maker's stock valued at $3,517,000 after purchasing an additional 14,747 shares during the last quarter. Robinson Value Management Ltd. raised its stake in Corning by 1.0% in the 1st quarter. Robinson Value Management Ltd. now owns 93,446 shares of the electronics maker's stock worth $4,278,000 after acquiring an additional 934 shares during the last quarter. J.P. Marvel Investment Advisors LLC grew its position in Corning by 1.0% during the 1st quarter. J.P. Marvel Investment Advisors LLC now owns 260,651 shares of the electronics maker's stock worth $11,933,000 after purchasing an additional 2,625 shares during the period. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Corning during the 1st quarter valued at about $6,735,000. Institutional investors own 69.80% of the company's stock.

Corning Stock Up 1.0%

Corning stock traded up $0.64 during midday trading on Wednesday, hitting $62.62. 3,927,077 shares of the stock were exchanged, compared to its average volume of 5,644,972. The firm has a market cap of $53.63 billion, a P/E ratio of 120.39, a P/E/G ratio of 1.50 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 $63.20. The company has a 50 day moving average price of $51.88 and a two-hundred day moving average price of $48.87.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. During the same period last year, the business earned $0.47 EPS. On average, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is 215.38%.

Insider Activity

In other Corning news, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president directly owned 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Soumya Seetharam sold 14,313 shares of the business's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president owned 31,505 shares in the company, valued at $1,575,565.05. This trade represents a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,534 shares of company stock valued at $2,739,891. Company insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GLW. Morgan Stanley boosted their target price on Corning from $50.00 to $56.00 and gave the stock an "equal weight" rating in a report on Wednesday. UBS Group boosted their target price on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a research note 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 note on Tuesday, July 15th. Susquehanna upped their price objective on shares of Corning from $60.00 to $75.00 and gave the company a "positive" rating in a research note on Wednesday. Finally, Barclays upped their target price on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $63.25.

Corning 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.