Parthenon LLC Sells 7,030 Shares of Corning Incorporated (NYSE:GLW)

Parthenon LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 2.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 258,377 shares of the electronics maker’s stock after selling 7,030 shares during the period. Corning makes up approximately 1.3% of Parthenon LLC’s portfolio, making the stock its 24th biggest position. Parthenon LLC’s holdings in Corning were worth $10,038,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Wellington Management Group LLP boosted its stake in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares during the last quarter. Norges Bank purchased a new position in shares of Corning in the 4th quarter worth approximately $247,721,000. FIL Ltd boosted its stake in shares of Corning by 1.5% in the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after buying an additional 105,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after buying an additional 1,828,097 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Susquehanna boosted their target price on Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday, July 31st. Oppenheimer restated an “outperform” rating and issued a $47.00 target price (down previously from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Barclays boosted their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $45.62.

Corning Trading Up 0.0 %

Shares of GLW stock opened at $41.87 on Friday. The company’s fifty day simple moving average is $41.76 and its two-hundred day simple moving average is $37.05. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The stock has a market capitalization of $35.82 billion, a price-to-earnings ratio of 58.96, a PEG ratio of 1.62 and a beta of 1.04.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 EPS. As a group, analysts anticipate that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.68%. Corning’s payout ratio is currently 157.75%.

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.