Bahl & Gaynor Inc. Cuts Stock Position in Corning Incorporated (NYSE:GLW)

Bahl & Gaynor Inc. cut its holdings in Corning Incorporated (NYSE:GLW) by 11.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,537,484 shares of the electronics maker’s stock after selling 456,236 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Corning were worth $107,716,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Harvest Investment Advisors LLC boosted its stake in Corning by 1.0% during the third quarter. Harvest Investment Advisors LLC now owns 36,286 shares of the electronics maker’s stock worth $1,106,000 after buying an additional 364 shares during the period. Venture Visionary Partners LLC raised its holdings in shares of Corning by 2.0% in the fourth quarter. Venture Visionary Partners LLC now owns 19,359 shares of the electronics maker’s stock valued at $589,000 after acquiring an additional 380 shares in the last quarter. Fiera Capital Corp raised its holdings in shares of Corning by 2.7% in the third quarter. Fiera Capital Corp now owns 14,785 shares of the electronics maker’s stock valued at $450,000 after acquiring an additional 385 shares in the last quarter. New World Advisors LLC raised its holdings in shares of Corning by 3.5% in the fourth quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock valued at $359,000 after acquiring an additional 400 shares in the last quarter. Finally, Western Wealth Management LLC raised its holdings in shares of Corning by 1.6% in the third quarter. Western Wealth Management LLC now owns 25,719 shares of the electronics maker’s stock valued at $784,000 after acquiring an additional 405 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of NYSE GLW opened at $31.33 on Friday. The business’s 50 day moving average price is $32.28 and its 200 day moving average price is $30.45. The firm has a market cap of $26.80 billion, a P/E ratio of 46.76, a P/E/G ratio of 1.74 and a beta of 1.08. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 earnings per share. On average, sell-side analysts expect that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.57%. Corning’s dividend payout ratio is presently 167.16%.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. UBS Group boosted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Finally, Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $34.78.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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.