Stevens Capital Management LP Cuts Stake in Corning Incorporated (NYSE:GLW)

Stevens Capital Management LP reduced its position in Corning Incorporated (NYSE:GLW) by 12.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,950 shares of the electronics maker’s stock after selling 3,004 shares during the quarter. Stevens Capital Management LP’s holdings in Corning were worth $668,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Peoples Bank KS purchased a new stake in shares of Corning during the third quarter valued at $25,000. OFI Invest Asset Management purchased a new stake in Corning in the third quarter valued at $25,000. SRS Capital Advisors Inc. boosted its holdings in Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Corning in the fourth quarter valued at $31,000. Finally, Emfo LLC purchased a new stake in Corning in the fourth quarter valued at $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Down 0.5 %

Shares of Corning stock traded down $0.17 during mid-day trading on Thursday, hitting $31.35. The stock had a trading volume of 3,769,929 shares, compared to its average volume of 4,688,000. The firm has a 50-day moving average of $32.30 and a two-hundred day moving average of $30.43. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $26.82 billion, a P/E ratio of 46.79, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.47 EPS. Sell-side analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.57%. Corning’s payout ratio is currently 167.16%.

Analyst Upgrades and Downgrades

Several research firms have commented on GLW. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Morgan Stanley restated an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday. JPMorgan Chase & Co. increased their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One 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. According to data from MarketBeat, Corning has a consensus rating of “Hold” and an average price target of $34.78.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.40% of the stock is currently owned by corporate insiders.

Corning Company 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.