Shufro Rose & Co. LLC Has $42.08 Million Stock Position in Corning Incorporated (NYSE:GLW)

Key Points

• Shufro Rose & Co. LLC reduced its holdings in Corning Incorporated by 1.4%, owning 919,270 shares valued at approximately $42.08 million at the end of the last reporting period.
• Corning reported earnings of $0.60 per share for the last quarter, surpassing analysts' estimates of $0.57, with revenue of $3.86 billion.
• The company recently announced a quarterly dividend of $0.28 per share, with a yield of 1.8%, reflecting a payout ratio of 119.15%.

Shufro Rose & Co. LLC decreased its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 1.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 919,270 shares of the electronics maker's stock after selling 13,176 shares during the quarter. Corning comprises about 3.3% of Shufro Rose & Co. LLC's portfolio, making the stock its 6th biggest holding. Shufro Rose & Co. LLC owned about 0.11% of Corning worth $42,084,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in GLW. Vermillion Wealth Management Inc. acquired a new position in shares of Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC bought a new stake in shares of Corning during the 4th quarter valued at $30,000. Investment Management Corp VA ADV lifted its position in shares of Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after acquiring an additional 463 shares during the period. Transce3nd LLC bought a new stake in shares of Corning during the 4th quarter valued at $39,000. Finally, ORG Partners LLC lifted its position in shares of Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock valued at $40,000 after acquiring an additional 476 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other news, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Avery H. Nelson III sold 36,240 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,381 shares of company stock valued at $7,836,789 over the last 90 days. Insiders own 0.40% of the company's stock.

Corning Stock Performance

Shares of NYSE GLW traded up $1.39 during mid-day trading on Monday, hitting $63.44. The company had a trading volume of 5,043,278 shares, compared to its average volume of 5,670,498. The company has a market capitalization of $54.33 billion, a price-to-earnings ratio of 67.49, a P/E/G ratio of 1.59 and a beta of 1.08. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $63.91. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The stock's 50-day moving average price is $52.73 and its 200-day moving average price is $49.18.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period in the previous year, the business earned $0.47 earnings per share. On average, sell-side analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

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

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. UBS Group boosted their price target on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Oppenheimer reissued an "outperform" rating and issued a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday, July 30th. JPMorgan Chase & Co. upped their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Citigroup increased their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, July 11th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $63.25.

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.