Mackenzie Financial Corp Has $4.38 Million Stake in Corning Incorporated (NYSE:GLW)

Mackenzie Financial Corp lessened its stake in Corning Incorporated (NYSE:GLW) by 6.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 95,657 shares of the electronics maker’s stock after selling 6,604 shares during the period. Mackenzie Financial Corp’s holdings in Corning were worth $4,379,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vermillion Wealth Management Inc. bought a new stake in shares of Corning in the fourth quarter valued at about $29,000. Putney Financial Group LLC bought a new stake in shares of Corning in the fourth quarter valued at about $30,000. Investment Management Corp VA ADV lifted its stake in shares of Corning by 165.9% in the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock valued at $34,000 after buying an additional 463 shares during the period. Transce3nd LLC bought a new stake in shares of Corning in the fourth quarter valued at about $39,000. Finally, ORG Partners LLC lifted its stake in shares of Corning by 115.8% in the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock valued at $40,000 after buying an additional 476 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer directly owned 64,838 shares of the company’s stock, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 137,381 shares of company stock valued at $7,836,789 over the last three months. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Susquehanna reissued a “positive” rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a research report on Wednesday. Wolfe Research assumed coverage on shares of Corning in a research report on Tuesday, July 8th. They issued an “outperform” rating for the company. Morgan Stanley set a $56.00 price target on shares of Corning and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Mizuho increased their price target on shares of Corning from $52.00 to $59.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $63.25.

Corning Stock Performance

NYSE GLW opened at $62.03 on Friday. The firm has a market cap of $53.13 billion, a price-to-earnings ratio of 65.99, a PEG ratio of 1.62 and a beta of 1.08. The company has a 50 day moving average of $52.73 and a 200-day moving average of $49.18. The company has a current ratio of 1.50, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58. Corning Incorporated has a 1-year low of $37.18 and a 1-year high of $63.91.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The business had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.84 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s dividend payout ratio is 119.15%.

About Corning

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.