Corning Incorporated (NYSE:GLW) Shares Sold by Jackson Square Capital LLC

Jackson Square Capital LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 3.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,582 shares of the electronics maker’s stock after selling 838 shares during the quarter. Jackson Square Capital LLC’s holdings in Corning were worth $988,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Tallon Kerry Patrick purchased a new stake in Corning in the fourth quarter valued at approximately $302,000. Brighton Jones LLC boosted its position in Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. Stephens Inc. AR boosted its position in Corning by 8.5% in the fourth quarter. Stephens Inc. AR now owns 16,191 shares of the electronics maker’s stock valued at $769,000 after buying an additional 1,263 shares during the last quarter. Savant Capital LLC boosted its position in Corning by 5.9% in the fourth quarter. Savant Capital LLC now owns 29,359 shares of the electronics maker’s stock valued at $1,395,000 after buying an additional 1,640 shares during the last quarter. Finally, Focus Financial Network Inc. boosted its position in Corning by 13.0% in the 4th quarter. Focus Financial Network Inc. now owns 10,680 shares of the electronics maker’s stock worth $508,000 after purchasing an additional 1,232 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

Corning stock opened at $49.54 on Friday. Corning Incorporated has a 52 week low of $37.05 and a 52 week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $46.19 and its 200 day simple moving average is $47.77. The firm has a market capitalization of $42.43 billion, a PE ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. On average, equities research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. Corning’s dividend payout ratio (DPR) is 215.38%.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent research reports. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Oppenheimer lowered their price objective on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Bank of America increased their target price on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Finally, Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.08.

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.