Meyer Handelman Co. Sells 63,320 Shares of Corning Incorporated (NYSE:GLW)

Meyer Handelman Co. trimmed its position in Corning Incorporated (NYSE:GLW) by 11.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 482,122 shares of the electronics maker’s stock after selling 63,320 shares during the period. Meyer Handelman Co.’s holdings in Corning were worth $15,891,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of GLW. QRG Capital Management Inc. bought a new stake in shares of Corning during the third quarter worth about $1,351,000. Envestnet Portfolio Solutions Inc. acquired a new position in Corning in the 3rd quarter valued at approximately $731,000. Envestnet Asset Management Inc. raised its stake in shares of Corning by 40.6% during the third quarter. Envestnet Asset Management Inc. now owns 1,209,133 shares of the electronics maker’s stock valued at $36,842,000 after acquiring an additional 349,427 shares during the last quarter. FMR LLC lifted its holdings in shares of Corning by 3.1% during the third quarter. FMR LLC now owns 1,712,966 shares of the electronics maker’s stock worth $52,194,000 after purchasing an additional 52,164 shares during the period. Finally, Rathbones Group PLC grew its stake in shares of Corning by 5.8% in the third quarter. Rathbones Group PLC now owns 68,811 shares of the electronics maker’s stock worth $2,097,000 after purchasing an additional 3,795 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. Citigroup lifted their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $35.00 to $38.00 in a report on Thursday, June 13th. UBS Group raised their price target on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Bank of America upped their price objective on shares of Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Finally, Mizuho increased their price objective on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Corning has an average rating of “Hold” and an average target price of $38.67.

Corning Stock Up 0.5 %

Corning stock traded up $0.20 during midday trading on Friday, reaching $40.05. The stock had a trading volume of 12,917,967 shares, compared to its average volume of 6,286,061. The company has a fifty day moving average price of $35.17 and a two-hundred day moving average price of $32.76. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $40.46. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $34.31 billion, a P/E ratio of 56.41, a PEG ratio of 1.81 and a beta of 1.08.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the firm earned $0.41 earnings per share. Corning’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, equities analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.80%. Corning’s dividend payout ratio is presently 157.75%.

Insider Activity at Corning

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 transaction of $990,772.90. Following the completion of the sale, 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 at this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by corporate insiders.

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.