USS Investment Management Ltd Cuts Holdings in Corning Incorporated (NYSE:GLW)

USS Investment Management Ltd trimmed its position in Corning Incorporated (NYSE:GLW - Free Report) by 16.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 221,865 shares of the electronics maker's stock after selling 43,332 shares during the quarter. USS Investment Management Ltd's holdings in Corning were worth $10,544,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of GLW. Barclays PLC raised its stake in shares of Corning by 8.5% in the third quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker's stock worth $85,468,000 after purchasing an additional 148,042 shares during the last quarter. Park Avenue Securities LLC raised its stake in shares of Corning by 26.5% in the fourth quarter. Park Avenue Securities LLC now owns 9,212 shares of the electronics maker's stock worth $438,000 after purchasing an additional 1,927 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Corning by 34.2% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,994 shares of the electronics maker's stock worth $380,000 after purchasing an additional 2,035 shares during the last quarter. Tallon Kerry Patrick purchased a new position in shares of Corning in the fourth quarter worth about $302,000. Finally, Merit Financial Group LLC raised its position in Corning by 24.3% during the fourth quarter. Merit Financial Group LLC now owns 10,910 shares of the electronics maker's stock valued at $518,000 after acquiring an additional 2,135 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Down 0.4%

NYSE:GLW traded down $0.17 on Friday, reaching $48.38. The company's stock had a trading volume of 4,889,753 shares, compared to its average volume of 5,959,913. Corning Incorporated has a 12-month low of $35.40 and a 12-month high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a market cap of $41.44 billion, a price-to-earnings ratio of 83.42, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. The stock has a 50 day moving average price of $44.78 and a 200 day moving average price of $47.52.

Corning (NYSE:GLW - Get Free Report) last posted its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the previous year, the business earned $0.38 earnings per share. The company's revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. Corning's dividend payout ratio is presently 215.38%.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now owns 9,610 shares in the company, valued at $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on GLW shares. Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price target on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Barclays reduced their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Bank of America lifted their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Finally, Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $53.08.

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.