CIBC Asset Management Inc Reduces Stake in Corning Incorporated (NYSE:GLW)

CIBC Asset Management Inc lessened its position in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 25.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 107,383 shares of the electronics maker’s stock after selling 36,524 shares during the quarter. CIBC Asset Management Inc’s holdings in Corning were worth $3,964,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in GLW. Norges Bank purchased a new position in Corning during the 4th quarter worth approximately $281,919,000. Envestnet Asset Management Inc. grew its stake in Corning by 77.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock worth $113,828,000 after buying an additional 1,342,976 shares during the last quarter. American Century Companies Inc. grew its stake in Corning by 26.9% during the 4th quarter. American Century Companies Inc. now owns 5,456,844 shares of the electronics maker’s stock worth $203,158,000 after buying an additional 1,157,290 shares during the last quarter. Geode Capital Management LLC grew its stake in Corning by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $531,311,000 after buying an additional 943,020 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in Corning by 446.7% during the 4th quarter. Qube Research & Technologies Ltd now owns 960,041 shares of the electronics maker’s stock worth $35,742,000 after buying an additional 784,448 shares during the last quarter. Hedge funds and other institutional investors own 68.71% of the company’s stock.

Corning Stock Down 1.9 %

GLW opened at $35.80 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The business has a 50 day simple moving average of $33.78 and a 200-day simple moving average of $36.16. The stock has a market capitalization of $30.26 billion, a P/E ratio of 15.36, a P/E/G ratio of 2.52 and a beta of 0.99. Corning Incorporated has a 12 month low of $30.63 and a 12 month high of $43.47.

Corning (NYSE:GLW – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. The firm had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. Corning’s revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, equities analysts anticipate that Corning Incorporated will post 2.23 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a yield of 3.02%. Corning’s dividend payout ratio is presently 46.35%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GLW. Susquehanna Bancshares lowered their target price on Corning from $48.00 to $46.00 and set a “positive” rating on the stock in a research note on Wednesday, July 27th. UBS Group lowered their target price on Corning to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. JPMorgan Chase & Co. lowered their target price on Corning from $45.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, July 14th. Finally, Barclays downgraded Corning from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $53.00 to $38.00 in a research note on Wednesday, May 11th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.80.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the completion of the transaction, the senior vice president now owns 7,345 shares of the company’s stock, valued at $269,561.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.36% of the stock is currently owned by insiders.

Corning Company Profile

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.