Yacktman Asset Management LP Lowers Position in Corning Incorporated (NYSE:GLW)

by · The Cerbat Gem

Yacktman Asset Management LP trimmed its holdings in shares of Corning Incorporated (NYSE:GLW – Free Report) by 0.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,170,000 shares of the electronics maker’s stock after selling 11,000 shares during the quarter. Yacktman Asset Management LP owned about 0.14% of Corning worth $52,826,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MBB Public Markets I LLC lifted its holdings in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in Corning in the first quarter worth $653,000. Dark Forest Capital Management LP purchased a new stake in Corning during the second quarter valued at about $511,000. Raymond James & Associates increased its holdings in shares of Corning by 2.6% in the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after buying an additional 42,818 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock valued at $640,000 after acquiring an additional 5,081 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 2.8 %

Corning stock opened at $47.02 on Tuesday. The business has a 50-day simple moving average of $44.62 and a two-hundred day simple moving average of $40.58. Corning Incorporated has a 52-week low of $26.94 and a 52-week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $40.24 billion, a P/E ratio of 276.59, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 EPS. Analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. Corning’s payout ratio is currently 658.82%.

Analyst Ratings Changes

A number of brokerages have commented on GLW. JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Susquehanna increased their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target for the company in a research report on Tuesday, July 9th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

View Our Latest Analysis on GLW

About Corning

(Free Report)

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.

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