Cullinan Associates Inc. Sells 4,290 Shares of Corning Incorporated (NYSE:GLW)

Cullinan Associates Inc. decreased its holdings in Corning Incorporated (NYSE:GLW) by 4.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,574 shares of the electronics maker’s stock after selling 4,290 shares during the quarter. Cullinan Associates Inc.’s holdings in Corning were worth $3,921,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of GLW. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corning by 35.1% in the first 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Corning by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after buying an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Corning by 2.1% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after purchasing an additional 42,832 shares during the period. Natixis increased its stake in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after buying an additional 1,735,638 shares during the period. Finally, Raymond James & Associates raised its stake in shares of Corning by 2.6% during the second quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock valued at $64,667,000 after acquiring an additional 42,818 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Down 0.1 %

Shares of GLW stock traded down $0.06 during trading hours on Friday, reaching $46.75. 342,217 shares of the stock were exchanged, compared to its average volume of 5,673,453. Corning Incorporated has a 12-month low of $26.37 and a 12-month high of $47.72. The business’s fifty day moving average is $43.61 and its two-hundred day moving average is $39.63. The firm has a market capitalization of $40.05 billion, a P/E ratio of 65.93, a P/E/G ratio of 1.77 and a beta of 1.04. 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 (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the company earned $0.45 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GLW shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $46.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Citigroup lifted their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

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.