Randolph Co Inc Cuts Position in Corning Incorporated (NYSE:GLW)

Randolph Co Inc decreased its position in shares of Corning Incorporated (NYSE:GLW) by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 770,957 shares of the electronics maker’s stock after selling 4,042 shares during the period. Corning makes up about 4.1% of Randolph Co Inc’s investment portfolio, making the stock its 6th largest position. Randolph Co Inc owned 0.09% of Corning worth $35,294,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. RMR Wealth Builders grew its holdings in shares of Corning by 12.6% in the first quarter. RMR Wealth Builders now owns 30,805 shares of the electronics maker’s stock worth $1,410,000 after purchasing an additional 3,438 shares during the last quarter. NorthCrest Asset Manangement LLC grew its holdings in shares of Corning by 1.7% in the first quarter. NorthCrest Asset Manangement LLC now owns 43,696 shares of the electronics maker’s stock worth $2,000,000 after purchasing an additional 745 shares during the last quarter. Ferguson Wellman Capital Management Inc. grew its holdings in shares of Corning by 1.5% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 19,852 shares of the electronics maker’s stock worth $909,000 after purchasing an additional 297 shares during the last quarter. apricus wealth LLC bought a new position in shares of Corning in the first quarter worth about $275,000. Finally, Simon Quick Advisors LLC grew its holdings in shares of Corning by 59.3% in the first quarter. Simon Quick Advisors LLC now owns 9,738 shares of the electronics maker’s stock worth $446,000 after purchasing an additional 3,625 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In related news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares of the company’s stock, valued at $450,805.10. This trade represents a 45.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Insiders sold 75,796 shares of company stock valued at $3,632,635 in the last three months. 0.40% of the stock is owned by insiders.

Corning Stock Performance

GLW stock opened at $50.80 on Friday. The firm has a market cap of $43.51 billion, a price-to-earnings ratio of 87.59, a PEG ratio of 1.50 and a beta of 1.11. The firm has a 50-day simple moving average of $45.98 and a two-hundred day simple moving average of $47.76. Corning Incorporated has a one year low of $37.05 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GLW. Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Citigroup dropped their target price on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Bank of America increased their target price on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Finally, Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average price target of $53.08.

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.