Rathbones Group PLC Lowers Stake in Corning Incorporated (NYSE:GLW)

Rathbones Group PLC cut its stake in Corning Incorporated (NYSE:GLW) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,435 shares of the electronics maker’s stock after selling 1,895 shares during the quarter. Rathbones Group PLC’s holdings in Corning were worth $2,115,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Grove Bank & Trust grew its stake in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the last quarter. Burns J W & Co. Inc. NY grew its position in shares of Corning by 1.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after buying an additional 251 shares during the last quarter. Long Run Wealth Advisors LLC raised its stake in shares of Corning by 0.8% during the 2nd quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after acquiring an additional 274 shares in the last quarter. Legacy Capital Group California Inc. lifted its position in Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after acquiring an additional 278 shares during the last quarter. Finally, Alaska Permanent Fund Corp boosted its stake in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after acquiring an additional 329 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on GLW shares. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a report on Wednesday, July 31st. Susquehanna increased their price target on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research note on Wednesday, July 31st. Morgan Stanley restated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $45.62.

Corning Trading Up 1.0 %

Shares of Corning stock opened at $42.91 on Tuesday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a market cap of $36.72 billion, a PE ratio of 60.44, a price-to-earnings-growth ratio of 1.62 and a beta of 1.04. The firm has a fifty day moving average price of $41.84 and a 200 day moving average price of $37.26.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the firm posted $0.45 EPS. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. Equities research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Corning 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.