Olstein Capital Management L.P. Cuts Position in Corning Incorporated (NYSE:GLW)

Olstein Capital Management L.P. trimmed its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 26.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,000 shares of the electronics maker's stock after selling 39,000 shares during the period. Olstein Capital Management L.P.'s holdings in Corning were worth $4,898,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Sierra Ocean LLC purchased a new stake in shares of Corning during the 4th quarter valued at about $25,000. Asset Planning Inc bought a new stake in Corning during the fourth quarter worth approximately $29,000. Vermillion Wealth Management Inc. purchased a new stake in Corning during the fourth quarter valued at approximately $29,000. Putney Financial Group LLC bought a new stake in shares of Corning in the 4th quarter valued at approximately $30,000. Finally, Mainstream Capital Management LLC purchased a new position in shares of Corning in the 4th quarter worth approximately $35,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Bank of America upped their price target on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. JPMorgan Chase & Co. decreased their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Citigroup cut their price objective on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Corning currently has a consensus rating of "Moderate Buy" and an average price target of $53.08.

Corning Trading Down 0.2%

NYSE GLW opened at $50.74 on Monday. Corning Incorporated has a one year low of $36.58 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market capitalization of $43.46 billion, a price-to-earnings ratio of 87.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The company's 50-day simple moving average is $45.28 and its two-hundred day simple moving average is $47.68.

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. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. Corning's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Equities 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 Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio is currently 215.38%.

Insiders Place Their Bets

In other news, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were 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 three months, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by insiders.

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.

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