Yousif Capital Management LLC Lowers Stock Position in Corning Incorporated (NYSE:GLW)

Yousif Capital Management LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,782 shares of the electronics maker's stock after selling 15,076 shares during the period. Yousif Capital Management LLC's holdings in Corning were worth $3,836,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Tallon Kerry Patrick purchased a new position in shares of Corning during the fourth quarter valued at about $302,000. Van ECK Associates Corp raised its stake in shares of Corning by 343.6% in the fourth quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock worth $5,433,000 after purchasing an additional 88,558 shares during the last quarter. LMR Partners LLP raised its position in Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after buying an additional 700,442 shares during the last quarter. Assetmark Inc. lifted its position in Corning by 101.5% during the fourth quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after purchasing an additional 542 shares during the period. Finally, Gotham Asset Management LLC bought a new position in shares of Corning during the 4th quarter valued at $306,000. 69.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Mizuho set a $52.00 price objective on shares of Corning in a report on Tuesday, April 15th. Citigroup cut their price objective on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. cut their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $53.08.

Insider Activity at Corning

In related news, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the transaction, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the sale, the senior vice president now owns 25,000 shares in the company, valued at $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 over the last 90 days. Insiders own 0.40% of the company's stock.

Corning Trading Down 2.5%

Shares of NYSE:GLW traded down $1.28 during trading on Friday, reaching $49.54. 3,573,448 shares of the company were exchanged, compared to its average volume of 5,929,006. The business's fifty day simple moving average is $45.98 and its 200-day simple moving average is $47.76. The firm has a market capitalization of $42.43 billion, a PE ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11. Corning Incorporated has a 12-month low of $37.05 and a 12-month high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

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. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 EPS. On average, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, May 30th. Corning's payout ratio is 215.38%.

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.