Schafer Cullen Capital Management Inc. Grows Stake in Corning Incorporated (GLW)

Schafer Cullen Capital Management Inc. grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,710,433 shares of the electronics maker’s stock after purchasing an additional 56,074 shares during the quarter. Corning makes up approximately 1.4% of Schafer Cullen Capital Management Inc.’s holdings, making the stock its 28th biggest position. Schafer Cullen Capital Management Inc. owned about 0.43% of Corning worth $118,697,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealthsource Partners LLC purchased a new stake in shares of Corning during the 3rd quarter valued at about $281,000. State of Alaska Department of Revenue increased its position in shares of Corning by 85.2% during the 4th quarter. State of Alaska Department of Revenue now owns 145,816 shares of the electronics maker’s stock valued at $4,662,000 after purchasing an additional 67,100 shares during the last quarter. State of Wisconsin Investment Board increased its position in shares of Corning by 14.5% during the 4th quarter. State of Wisconsin Investment Board now owns 1,076,076 shares of the electronics maker’s stock valued at $34,424,000 after purchasing an additional 136,107 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Corning by 2.6% in the 4th quarter. Wells Fargo & Company MN now owns 4,386,662 shares of the electronics maker’s stock worth $140,330,000 after acquiring an additional 111,926 shares in the last quarter. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new stake in Corning in the 3rd quarter worth approximately $547,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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Shares of Corning Incorporated (NYSE:GLW) traded down $0.61 on Tuesday, reaching $28.89. 7,057,361 shares of the company’s stock were exchanged, compared to its average volume of 7,453,909. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75. Corning Incorporated has a twelve month low of $26.32 and a twelve month high of $35.10. The stock has a market cap of $25,294.87, a price-to-earnings ratio of -37.04, a P/E/G ratio of 4.41 and a beta of 1.35.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. During the same period last year, the firm posted $0.50 EPS. The company’s revenue was up 7.4% on a year-over-year basis. equities research analysts expect that Corning Incorporated will post 1.67 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th will be issued a dividend of $0.18 per share. This is a positive change from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Tuesday, February 27th. Corning’s dividend payout ratio (DPR) is -92.31%.

In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $29.90, for a total transaction of $29,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John A. Canning, Jr. acquired 30,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were bought at an average cost of $29.60 per share, with a total value of $888,000.00. The disclosure for this purchase can be found here. Company insiders own 0.59% of the company’s stock.

Several research firms recently issued reports on GLW. Citigroup reduced their target price on shares of Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, March 9th. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Oppenheimer reissued a “hold” rating on shares of Corning in a report on Wednesday, January 31st. Finally, Guggenheim reissued a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.22.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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