Picton Mahoney Asset Management Reduces Stock Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Picton Mahoney Asset Management significantly reduced its stake in Corning Incorporated by 94.7% during the 1st quarter, now holding 4,243 shares valued at approximately $194,000.
• Corning's dividend yield is currently at 1.8%, with a quarterly dividend of $0.28 per share, set to be paid on September 29th.
• Analysts have raised target prices for Corning, with Barclays increasing theirs from $52.00 to $65.00, reflecting a positive outlook for the stock.

Picton Mahoney Asset Management cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 94.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,243 shares of the electronics maker's stock after selling 75,410 shares during the quarter. Picton Mahoney Asset Management's holdings in Corning were worth $194,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in GLW. Geode Capital Management LLC boosted its holdings in shares of Corning by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock worth $875,633,000 after buying an additional 533,686 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after buying an additional 208,826 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Corning by 0.8% during the fourth 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 during the last quarter. Bank of New York Mellon Corp lifted its position in Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker's stock valued at $290,610,000 after purchasing an additional 80,872 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Corning by 5.1% in the fourth quarter. Invesco Ltd. now owns 6,048,735 shares of the electronics maker's stock valued at $287,436,000 after acquiring an additional 293,713 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on GLW shares. UBS Group increased their target price on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Wolfe Research started coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Wall Street Zen upgraded shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday. Susquehanna reiterated a "positive" rating and issued a $75.00 target price (up from $60.00) on shares of Corning in a research note on Wednesday. Finally, Mizuho lifted their price objective on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus target price of $63.25.

Insider Buying and Selling

In related news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the sale, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. This represents a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,381 shares of company stock valued at $7,836,789 over the last three months. Company insiders own 0.40% of the company's stock.

Corning Price Performance

NYSE GLW traded down $1.21 on Friday, hitting $62.03. The company had a trading volume of 5,845,060 shares, compared to its average volume of 5,070,007. The company has a market capitalization of $53.13 billion, a PE ratio of 65.99, a PEG ratio of 1.59 and a beta of 1.08. The company's fifty day moving average price is $52.73 and its 200-day moving average price is $49.18. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 1.05. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $63.91.

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

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 1.8%. Corning's dividend payout ratio is presently 119.15%.

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.