Rokos Capital Management LLP Sells 26,791 Shares of Corning Incorporated $GLW

Key Points

• Rokos Capital Management reduced its Corning stake by 6.4%, selling 26,791 shares and retaining 392,999 shares valued at approximately $53.4 million. Institutional investors collectively own 69.8% of Corning.
• Corning reported quarterly EPS of $0.70, slightly exceeding estimates, while revenue rose 18.1% year over year to $4.34 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $194.69.
• The company declared a quarterly dividend of $0.28 per share, equating to an annualized payout of $1.12 and a 0.8% yield. Recent insider activity was predominantly selling, totaling 160,655 shares worth about $30.7 million.

Rokos Capital Management LLP reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 6.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 392,999 shares of the electronics maker's stock after selling 26,791 shares during the quarter. Corning comprises about 0.4% of Rokos Capital Management LLP's portfolio, making the stock its 29th biggest position. Rokos Capital Management LLP's holdings in Corning were worth $53,430,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Merit Financial Group LLC increased its holdings in shares of Corning by 16.9% in the 4th quarter. Merit Financial Group LLC now owns 45,001 shares of the electronics maker's stock valued at $3,940,000 after acquiring an additional 6,493 shares during the period. Security National Bank lifted its stake in shares of Corning by 340.4% during the 4th quarter. Security National Bank now owns 72,523 shares of the electronics maker's stock worth $6,350,000 after purchasing an additional 56,056 shares during the last quarter. Principal Financial Group Inc. boosted its position in Corning by 1.2% during the first quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock valued at $121,483,000 after purchasing an additional 10,591 shares in the last quarter. Wealthfront Advisers LLC grew its stake in Corning by 36.2% in the first quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock valued at $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Finally, Three Seasons Wealth LLC purchased a new position in Corning in the fourth quarter valued at about $1,750,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $142.94 on Tuesday. Corning Incorporated has a fifty-two week low of $54.92 and a fifty-two week high of $271.78. The company has a market cap of $123.02 billion, a PE ratio of 68.39, a P/E/G ratio of 1.93 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The business has a 50-day simple moving average of $187.29 and a two-hundred day simple moving average of $155.99.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 earnings per share. As a group, equities analysts expect that Corning Incorporated will post 3.18 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning's payout ratio is currently 53.59%.

Analyst Ratings Changes

A number of equities analysts have commented on GLW shares. Zacks Research downgraded shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. UBS Group set a $243.00 price objective on shares of Corning in a research report on Monday, July 6th. Barclays boosted their price objective on shares of Corning from $149.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Mizuho increased their target price on shares of Corning from $220.00 to $270.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Finally, Citigroup raised their target price on shares of Corning from $225.00 to $240.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Nine investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $194.69.

Insider Buying and Selling at Corning

In other news, SVP Michaune D. Tillman sold 3,260 shares of the business's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the sale, the senior vice president directly owned 10,174 shares of the company's stock, valued at $2,106,221.48. The trade was a 24.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the completion of the transaction, the senior vice president directly owned 94,400 shares in the company, valued at approximately $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 160,655 shares of company stock worth $30,692,560 in the last three months. 0.25% of the stock is owned by company insiders.

Corning Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

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