Metis Global Partners LLC Decreases Holdings in Corning Incorporated (NYSE:GLW)

Metis Global Partners LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 4.5% in the fourth quarter, Holdings Channel reports. The fund owned 37,374 shares of the electronics maker’s stock after selling 1,756 shares during the quarter. Metis Global Partners LLC’s holdings in Corning were worth $1,138,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of GLW. Sapient Capital LLC bought a new position in Corning in the 4th quarter worth approximately $314,000. Benjamin F. Edwards & Company Inc. raised its holdings in Corning by 9.4% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 34,571 shares of the electronics maker’s stock valued at $1,053,000 after acquiring an additional 2,969 shares during the period. Natixis Advisors L.P. lifted its position in shares of Corning by 29.6% during the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock worth $3,998,000 after acquiring an additional 30,001 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Corning by 61.5% in the fourth quarter. Fisher Asset Management LLC now owns 16,747 shares of the electronics maker’s stock worth $510,000 after acquiring an additional 6,376 shares during the period. Finally, LGT Group Foundation grew its position in shares of Corning by 7.0% in the fourth quarter. LGT Group Foundation now owns 245,920 shares of the electronics maker’s stock valued at $7,533,000 after purchasing an additional 16,025 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW stock opened at $33.93 on Thursday. The firm’s fifty day moving average is $32.40 and its 200 day moving average is $30.74. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The firm has a market cap of $29.06 billion, a P/E ratio of 47.78, a P/E/G ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the business posted $0.41 EPS. Corning’s quarterly revenue was down 11.5% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 3.30%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GLW shares. UBS Group increased their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. Finally, Susquehanna reissued a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Corning presently has a consensus rating of “Hold” and a consensus target price of $35.00.

Insider Activity at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the transaction, the vice president now directly owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock worth $7,971,257 over the last quarter. 0.45% of the stock is 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.