Bahl & Gaynor Inc. Reduces Stake in Corning Incorporated (NYSE:GLW)

Bahl & Gaynor Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW) by 14.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,698,520 shares of the electronics maker’s stock after selling 442,551 shares during the period. Bahl & Gaynor Inc. owned 0.32% of Corning worth $104,837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of GLW. Norges Bank purchased a new position in Corning during the fourth quarter worth $247,721,000. Price T Rowe Associates Inc. MD grew its holdings in Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Wellington Management Group LLP raised its position in Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. lifted its stake in Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after purchasing an additional 1,828,097 shares during the last quarter. Finally, Natixis boosted its position in shares of Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Stock Performance

Shares of GLW stock opened at $41.16 on Wednesday. The firm has a market cap of $35.22 billion, a price-to-earnings ratio of 57.97, a PEG ratio of 1.57 and a beta of 1.04. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The company’s 50 day moving average is $41.62 and its 200 day moving average is $36.98.

Corning (NYSE:GLW) last announced its quarterly 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 the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business posted $0.45 EPS. On average, sell-side analysts anticipate that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.72%. Corning’s dividend payout ratio is presently 157.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Oppenheimer reissued an “outperform” rating and set a $47.00 price target (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Bank of America decreased their target price on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Finally, Argus boosted their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.62.

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.