Shapiro Capital Management LLC Has $39.80 Million Stock Position in Corning Incorporated (NYSE:GLW)

Shapiro Capital Management LLC cut its stake in Corning Incorporated (NYSE:GLW) by 41.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 837,481 shares of the electronics maker’s stock after selling 582,434 shares during the quarter. Shapiro Capital Management LLC’s holdings in Corning were worth $39,797,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GLW. Barclays PLC raised its holdings in shares of Corning by 8.5% in the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock valued at $85,468,000 after purchasing an additional 148,042 shares during the period. Capital Investment Advisors LLC raised its holdings in shares of Corning by 15.6% in the 4th quarter. Capital Investment Advisors LLC now owns 7,587 shares of the electronics maker’s stock valued at $361,000 after purchasing an additional 1,022 shares during the period. Wedmont Private Capital bought a new stake in shares of Corning in the 4th quarter valued at about $210,000. Rosenberg Matthew Hamilton raised its holdings in shares of Corning by 202.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the period. Finally, SeaCrest Wealth Management LLC raised its holdings in shares of Corning by 53.8% in the 4th quarter. SeaCrest Wealth Management LLC now owns 11,871 shares of the electronics maker’s stock valued at $564,000 after purchasing an additional 4,154 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. JPMorgan Chase & Co. dropped their target price on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Oppenheimer lowered 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. Finally, Citigroup lowered their price target 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. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.08.

Insider Activity

In other news, VP John Z. Zhang sold 8,000 shares of the firm’s 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 in the company, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of the firm’s 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. 0.40% of the stock is owned by company insiders.

Corning Stock Up 1.2%

GLW opened at $47.56 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market cap of $40.73 billion, a price-to-earnings ratio of 82.00, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $35.01 and a twelve month high of $55.33. The company’s 50-day moving average price is $44.53 and its two-hundred day moving average price is $47.50.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.35%. Corning’s dividend payout ratio (DPR) is currently 215.38%.

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.