Primecap Management Co. CA Sells 73,900 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Primecap Management Co. CA has reduced its stake in Corning Incorporated (NYSE:GLW) by 0.9%, now holding 8,251,772 shares valued at approximately $377.77 million.
• Corning's recent earnings report showed an EPS of $0.60, surpassing estimates, with a revenue of $3.86 billion for the quarter, compared to expectations of $3.84 billion.
• Several analysts have upgraded their target price for Corning, with Barclays raising it from $52 to $65, and Oppenheimer increasing it to $72, reflecting a positive outlook for the stock.

Primecap Management Co. CA trimmed its stake in Corning Incorporated (NYSE:GLW - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,251,772 shares of the electronics maker's stock after selling 73,900 shares during the period. Primecap Management Co. CA owned 0.96% of Corning worth $377,766,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in GLW. Vermillion Wealth Management Inc. bought a new position in shares of Corning in the 4th quarter worth $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the 4th quarter worth $30,000. Investment Management Corp VA ADV raised its position in shares of Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its position in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after buying an additional 353 shares in the last quarter. Finally, Transce3nd LLC acquired a new position in Corning during the 4th quarter valued at about $39,000. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays upped their target price on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. UBS Group upped their target price on Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research report on Wednesday, July 9th. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 target price (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Susquehanna reaffirmed a "positive" rating and set a $75.00 target price (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Finally, Mizuho upped their target price on Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and a consensus price target of $63.25.

Corning Stock Down 0.4%

Corning stock opened at $63.22 on Wednesday. Corning Incorporated has a fifty-two week low of $37.31 and a fifty-two week high of $64.41. 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 company has a market cap of $54.16 billion, a PE ratio of 67.26, a PEG ratio of 1.63 and a beta of 1.08. The business's 50-day simple moving average is $53.30 and its two-hundred day simple moving average is $49.37.

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

Corning Announces Dividend

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

Insider Transactions at Corning

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the 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 transaction, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares in the company, valued at $4,036,813.88. This represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 137,381 shares of company stock valued at $7,836,789. 0.32% of the stock is owned by insiders.

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.

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