D.B. Root & Company LLC Decreases Stake in Corning Incorporated (NYSE:GLW)

D.B. Root & Company LLC lowered its position in Corning Incorporated (NYSE:GLW) by 4.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,524 shares of the electronics maker’s stock after selling 1,780 shares during the quarter. D.B. Root & Company LLC’s holdings in Corning were worth $1,270,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in GLW. FMR LLC lifted its stake in Corning by 3.1% in the third quarter. FMR LLC now owns 1,712,966 shares of the electronics maker’s stock worth $52,194,000 after acquiring an additional 52,164 shares during the last quarter. Federated Hermes Inc. lifted its stake in Corning by 36.5% in the third quarter. Federated Hermes Inc. now owns 92,463 shares of the electronics maker’s stock worth $2,817,000 after acquiring an additional 24,741 shares during the last quarter. Natixis Advisors L.P. lifted its position in shares of Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after buying an additional 5,616 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of Corning by 112.3% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 28,264 shares of the electronics maker’s stock worth $861,000 after buying an additional 14,948 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Corning during the 3rd quarter worth approximately $1,523,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders have sold a total of 175,207 shares of company stock valued at $5,876,067 in the last ninety days. 0.40% of the stock is currently owned by company insiders.

Corning Stock Performance

GLW traded up $0.26 during trading on Friday, hitting $38.85. The stock had a trading volume of 8,378,016 shares, compared to its average volume of 7,940,919. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market capitalization of $33.28 billion, a P/E ratio of 54.72, a PEG ratio of 1.77 and a beta of 1.08. The company’s 50-day moving average price is $35.97 and its 200 day moving average price is $33.14. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $40.46.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. Corning’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. On average, equities research analysts forecast that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.88%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Mizuho boosted their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $37.00 to $43.00 in a research report on Thursday, May 30th. Finally, Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $38.67.

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.