Rathbones Group PLC Has $405,000 Holdings in Corning Incorporated (NYSE:GLW)

Key Points

• Rathbones Group PLC significantly reduced its stake in Corning Incorporated by 76.5%, selling 28,820 shares, which leaves them with about 8,845 shares valued at $405,000.
• Several analysts have raised their price targets for Corning, with notable increases from Susquehanna to $75.00 and Mizuho to $74.00, reflecting a generally positive outlook on the stock.
• Corning announced a quarterly dividend of $0.28 per share, set to be paid on September 29th, representing an annualized yield of 1.7%.

Rathbones Group PLC cut its stake in Corning Incorporated (NYSE:GLW - Free Report) by 76.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,845 shares of the electronics maker's stock after selling 28,820 shares during the period. Rathbones Group PLC's holdings in Corning were worth $405,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. University of Texas Texas AM Investment Management Co. boosted its holdings in shares of Corning by 9.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after buying an additional 214 shares during the period. Harbour Investments Inc. lifted its position in shares of Corning by 2.4% in the first 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 lifted its position in shares of Corning by 2.4% in the fourth 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. Old North State Wealth Management LLC lifted its position in shares of Corning by 0.6% in the first 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. Finally, Colonial Trust Co SC lifted its position in shares of Corning by 3.8% in the fourth quarter. Colonial Trust Co SC now owns 7,138 shares of the electronics maker's stock worth $339,000 after purchasing an additional 258 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of GLW traded down $0.34 during trading hours on Friday, hitting $65.42. The company had a trading volume of 3,054,273 shares, compared to its average volume of 6,067,293. The firm has a market cap of $56.04 billion, a price-to-earnings ratio of 69.60, a PEG ratio of 1.47 and a beta of 1.08. The business has a fifty day moving average of $55.70 and a 200-day moving average of $50.12. Corning Incorporated has a 12 month low of $37.31 and a 12 month high of $66.50. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for 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 period in the prior year, the firm earned $0.47 earnings per share. Equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 annualized dividend and a dividend yield of 1.7%. Corning's dividend payout ratio is presently 119.15%.

Insider Buying and Selling

In other news, CEO Wendell P. Weeks sold 82,103 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer directly owned 809,295 shares of the company's stock, valued at $52,757,941.05. This represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares in the company, valued at $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 211,484 shares of company stock valued at $12,813,804. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on GLW shares. Oppenheimer reissued an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Citigroup boosted their price objective on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Mizuho boosted their price objective on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. UBS Group upped their price target on shares of Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Finally, Wolfe Research initiated coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. Three equities research 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 company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $65.17.

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.