Toronto Dominion Bank Lowers Holdings in Corning Incorporated (NYSE:GLW)

Toronto Dominion Bank cut its holdings in Corning Incorporated (NYSE:GLW) by 0.4% during the first quarter, Holdings Channel reports. The firm owned 496,664 shares of the electronics maker’s stock after selling 1,965 shares during the quarter. Toronto Dominion Bank’s holdings in Corning were worth $16,370,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Alaska Permanent Fund Corp lifted its position in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after buying an additional 329 shares during the last quarter. Level Four Advisory Services LLC lifted its position in shares of Corning by 3.8% during the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after purchasing an additional 343 shares during the last quarter. Madison Asset Management LLC lifted its position in shares of Corning by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after purchasing an additional 349 shares during the last quarter. Patron Partners LLC lifted its position in shares of Corning by 2.4% during the first quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock worth $487,000 after purchasing an additional 349 shares during the last quarter. Finally, First Trust Direct Indexing L.P. lifted its position in shares of Corning by 4.1% during the first quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock worth $303,000 after purchasing an additional 361 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Up 0.1 %

GLW traded up $0.04 on Friday, hitting $42.85. The company had a trading volume of 7,320,019 shares, compared to its average volume of 6,001,453. The stock has a fifty day moving average price of $39.85 and a 200-day moving average price of $34.88. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $46.39. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 60.35, a P/E/G ratio of 1.62 and a beta of 1.05.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 earnings per share. Analysts predict that Corning Incorporated will post 1.94 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio is presently 157.75%.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GLW. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. UBS Group lifted their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 9th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday, June 17th. Oppenheimer restated an “outperform” rating and set a $50.00 price target (up previously from $40.00) on shares of Corning in a research note on Wednesday, July 10th. Finally, Mizuho raised their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Corning has an average rating of “Hold” and an average target price of $43.38.

About Corning

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.