Pathstone Holdings LLC Reduces Stake in Corning Incorporated (NYSE:GLW)

Pathstone Holdings LLC cut its position in Corning Incorporated (NYSE:GLW - Free Report) by 5.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 207,114 shares of the electronics maker's stock after selling 12,976 shares during the quarter. Pathstone Holdings LLC's holdings in Corning were worth $9,838,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Corning in the fourth quarter worth $490,933,000. Amundi boosted its position in shares of Corning by 139.0% during the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker's stock worth $186,186,000 after acquiring an additional 2,268,436 shares in the last quarter. Mariner LLC boosted its holdings in shares of Corning by 134.0% in the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after purchasing an additional 2,215,840 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Corning in the 4th quarter valued at approximately $92,522,000. Finally, Appaloosa LP acquired a new stake in Corning during the 4th quarter worth approximately $71,280,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE GLW traded down $0.19 on Tuesday, reaching $47.94. 5,581,692 shares of the stock were exchanged, compared to its average volume of 5,949,740. The firm has a market capitalization of $41.06 billion, a PE ratio of 82.66, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a one year low of $35.40 and a one year high of $55.33. The company's 50-day simple moving average is $44.65 and its two-hundred day simple moving average is $47.50. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping 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 analysts' expectations of $3.63 billion. During the same period in the previous year, the firm earned $0.38 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is currently 215.38%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent research reports. Oppenheimer decreased their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a report on Thursday, January 30th. Bank of America increased their price target on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Citigroup lowered their price target on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average price target of $53.08.

Insider Transactions at Corning

In related news, VP John Z. Zhang sold 8,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company's stock, valued at $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the firm's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. 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.