Parthenon LLC Has $8.36 Million Stake in Corning Incorporated (NYSE:GLW)

Parthenon LLC trimmed its stake in shares of Corning Incorporated (NYSE:GLW) by 1.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 largest position. Parthenon LLC’s holdings in Corning were worth $8,362,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Peoples Bank KS acquired a new stake in Corning in the 3rd quarter valued at $25,000. OFI Invest Asset Management acquired a new stake in Corning in the 3rd quarter valued at $25,000. SRS Capital Advisors Inc. increased its stake in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Corning in the 4th quarter valued at $31,000. Finally, Emfo LLC acquired a new stake in Corning in the 4th quarter valued at $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Corning Stock Performance

Shares of GLW stock traded up $1.60 during midday trading on Tuesday, hitting $33.38. 12,892,630 shares of the company were exchanged, compared to its average volume of 4,785,781. The firm has a market capitalization of $28.55 billion, a P/E ratio of 49.82, a PEG ratio of 1.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The firm’s 50 day moving average price is $32.30 and its two-hundred day moving average price is $30.53. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. Corning’s revenue was down 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. UBS Group lifted their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $34.78.

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.