Corning Incorporated (NYSE:GLW) Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. trimmed its holdings in Corning Incorporated (NYSE:GLW) by 4.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 793,717 shares of the electronics maker’s stock after selling 40,992 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Corning were worth $24,169,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of GLW. Ameriprise Financial Inc. boosted its holdings in shares of Corning by 15.0% in the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Corning by 7.7% in the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock valued at $874,943,000 after acquiring an additional 2,055,388 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after acquiring an additional 1,229,031 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Corning by 302.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,496,362 shares of the electronics maker’s stock valued at $45,564,000 after acquiring an additional 1,124,787 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Corning by 5.1% in the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock valued at $667,279,000 after acquiring an additional 1,060,450 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 0.0 %

Corning stock traded down $0.01 during midday trading on Tuesday, hitting $33.43. 3,997,451 shares of the company were exchanged, compared to its average volume of 4,860,802. The company’s fifty day moving average price is $32.40 and its 200-day moving average price is $30.74. The company has a market cap of $28.64 billion, a PE ratio of 47.08, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is 157.75%.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. JPMorgan Chase & Co. upped their price target on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Barclays upped their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Finally, Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $35.00.

Insider Buying and Selling

In other Corning news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The disclosure for this sale can be found here. Insiders have sold 239,841 shares of company stock valued at $7,971,257 in the last quarter. Company insiders own 0.45% 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.