Parthenon LLC Lowers Stock Position in Corning Incorporated (NYSE:GLW)

Parthenon LLC reduced its stake in Corning Incorporated (NYSE:GLW) by 1.5% during the fourth quarter, HoldingsChannel reports. The firm owned 274,627 shares of the electronics maker’s stock after selling 4,085 shares during the period. Corning comprises about 1.2% of Parthenon LLC’s portfolio, making the stock its 27th biggest holding. Parthenon LLC’s holdings in Corning were worth $8,362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after acquiring an additional 2,055,388 shares in the last quarter. Morgan Stanley raised its stake in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Northern Trust Corp raised its stake in shares of Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after acquiring an additional 232,699 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after acquiring an additional 490,638 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 5.0 %

NYSE:GLW traded up $1.60 during trading hours on Tuesday, hitting $33.38. The company had a trading volume of 12,892,630 shares, compared to its average volume of 4,785,781. The company has a market capitalization of $28.55 billion, a PE ratio of 49.82, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The stock has a 50-day moving average price of $32.30 and a 200 day moving average price of $30.53. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the previous year, the business posted $0.47 EPS. The company’s quarterly revenue was down 12.1% on a year-over-year basis. On average, equities research analysts predict that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analyst Ratings Changes

GLW has been the topic of several research reports. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. JPMorgan Chase & Co. lifted their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $34.78.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.45% of the company’s stock.

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.