US Bancorp DE Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Key Points

• US Bancorp DE reduced its holdings in Corning Incorporated (NYSE:GLW) by 5.6% during the first quarter, now owning 400,837 shares valued at $18.35 million after selling 23,922 shares.
• Several hedge funds increased their positions in Corning, with the University of Texas Texas AM Investment Management Co. upping its stake by 9.7% in the previous quarter, owning 2,422 shares valued at $115,000.
• Corning announced a quarterly dividend of $0.28 per share, set to be paid on September 29, with a dividend yield of 1.8% and a dividend payout ratio of 119.15%.

US Bancorp DE lessened its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 5.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 400,837 shares of the electronics maker's stock after selling 23,922 shares during the period. US Bancorp DE's holdings in Corning were worth $18,350,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of GLW. Brighton Jones LLC lifted its stake in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Corning by 22.8% during the 4th quarter. Franklin Resources Inc. now owns 235,351 shares of the electronics maker's stock worth $11,184,000 after acquiring an additional 43,703 shares during the last quarter. World Investment Advisors grew its holdings in Corning by 6.2% in the 4th quarter. World Investment Advisors now owns 25,572 shares of the electronics maker's stock valued at $1,215,000 after buying an additional 1,485 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Corning in the 4th quarter valued at $11,204,000. Finally, KCM Investment Advisors LLC grew its holdings in Corning by 9.9% in the 4th quarter. KCM Investment Advisors LLC now owns 43,151 shares of the electronics maker's stock valued at $2,051,000 after buying an additional 3,899 shares in the last quarter. Institutional investors own 69.80% of the company's stock.

Corning Stock Performance

Shares of NYSE GLW traded down $0.27 during mid-day trading on Tuesday, hitting $63.22. The company had a trading volume of 5,389,559 shares, compared to its average volume of 5,455,025. The company has a market capitalization of $54.16 billion, a price-to-earnings ratio of 67.26, a P/E/G ratio of 1.63 and a beta of 1.08. Corning Incorporated has a 1 year low of $37.31 and a 1 year high of $64.41. 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 $53.03 and its 200-day moving average price is $49.28.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the previous year, the company posted $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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. 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 119.15%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on GLW shares. Argus reiterated a "buy" rating and set a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. upped their target price on Corning from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Mizuho increased their price target on Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Citigroup raised their target price on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Barclays increased their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. 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 company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $63.25.

Insider Activity

In other news, COO Avery H. Nelson III sold 36,240 shares of the business's 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 sale, the chief operating officer directly owned 64,838 shares of the company's stock, valued at $4,036,813.88. The trade was a 35.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were 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 $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 137,381 shares of company stock worth $7,836,789. Company insiders own 0.32% of the company's stock.

About Corning

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.