Tocqueville Asset Management L.P. Sells 18,565 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Tocqueville Asset Management L.P. reduced its stake in Corning Incorporated by 9.7% after selling 18,565 shares, leaving it with 173,389 shares valued at approximately $7.94 million.
• Corning's latest quarterly earnings report showed an EPS of $0.60, surpassing estimates, with a revenue of $3.86 billion, and analysts forecast an EPS of 2.33 for the fiscal year.
• The company's CFO and COO recently sold a total of 50,322 shares, reflecting significant insider transaction activity, with insiders collectively owning only 0.40% of the company's stock.

Tocqueville Asset Management L.P. lowered its stake in Corning Incorporated (NYSE:GLW - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 173,389 shares of the electronics maker's stock after selling 18,565 shares during the period. Tocqueville Asset Management L.P.'s holdings in Corning were worth $7,938,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC purchased a new position in shares of Corning in the 4th quarter worth about $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 purchasing an additional 463 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after purchasing an additional 353 shares during the last quarter. Finally, Gen Wealth Partners Inc raised its position in shares of Corning by 151.7% in the 1st quarter. Gen Wealth Partners Inc now owns 755 shares of the electronics maker's stock worth $35,000 after purchasing an additional 455 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Argus reaffirmed a "buy" rating and issued a $68.00 price target on shares of Corning in a research report on Wednesday, July 30th. Wolfe Research started coverage on shares of Corning in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. Susquehanna reiterated a "positive" rating and set a $75.00 price objective (up from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Finally, Barclays boosted their price objective on Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Three equities research 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $65.17.

Corning Stock Down 0.5%

NYSE GLW opened at $65.42 on Friday. 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 capitalization of $56.04 billion, a P/E ratio of 69.60, a P/E/G ratio of 1.47 and a beta of 1.08. Corning Incorporated has a one year low of $37.31 and a one year high of $66.50. The stock has a 50 day moving average price of $55.70 and a 200-day moving average price of $50.12.

Corning (NYSE:GLW - Get Free Report) last released 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. Corning had a return on equity of 17.27% and a net margin of 5.77%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the prior year, the firm posted $0.47 EPS. As a group, equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 yield of 1.7%. Corning's dividend payout ratio (DPR) is presently 119.15%.

Insiders Place Their Bets

In other Corning news, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the sale, the chief financial officer owned 78,316 shares in the company, valued at $4,877,520.48. This trade represents a 15.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction 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 completion of the sale, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 211,484 shares of company stock valued at $12,813,804. Insiders own 0.40% of the company's stock.

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.

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