Vivaldi Capital Management LLC Reduces Holdings in Corning Incorporated (NYSE:GLW)

Vivaldi Capital Management LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 37.4% in the second quarter, HoldingsChannel.com reports. The firm owned 18,887 shares of the electronics maker’s stock after selling 11,281 shares during the period. Vivaldi Capital Management LLC’s holdings in Corning were worth $628,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of GLW. Nomura Holdings Inc. raised its holdings in shares of Corning by 544.0% in the 2nd quarter. Nomura Holdings Inc. now owns 1,175,109 shares of the electronics maker’s stock valued at $39,781,000 after purchasing an additional 992,638 shares in the last quarter. Zurich Insurance Group Ltd FI increased its stake in Corning by 4.1% in the second quarter. Zurich Insurance Group Ltd FI now owns 119,180 shares of the electronics maker’s stock valued at $3,960,000 after purchasing an additional 4,676 shares during the period. Morgan Stanley boosted its holdings in shares of Corning by 82.0% in the second quarter. Morgan Stanley now owns 8,025,849 shares of the electronics maker’s stock valued at $266,700,000 after acquiring an additional 3,614,848 shares in the last quarter. PVG Asset Management Corp purchased a new stake in shares of Corning in the second quarter valued at about $847,000. Finally, Front Street Capital Management Inc. boosted its holdings in shares of Corning by 10.9% in the second quarter. Front Street Capital Management Inc. now owns 391,226 shares of the electronics maker’s stock valued at $13,442,000 after acquiring an additional 38,489 shares in the last quarter. 71.14% of the stock is owned by hedge funds and other institutional investors.

A number of analysts recently commented on GLW shares. Susquehanna Bancshares reissued a “neutral” rating and set a $30.00 price objective (down previously from $40.00) on shares of Corning in a report on Thursday, August 1st. Bank of America cut their price objective on shares of Corning from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley cut their price objective on shares of Corning from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday. UBS Group dropped their price target on shares of Corning from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Citigroup set a $32.00 price target on shares of Corning and gave the stock a “buy” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $33.67.

In other Corning news, insider Clark S. Kinlin sold 9,667 shares of Corning stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the transaction, the insider now directly owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by insiders.

Shares of NYSE GLW traded up $0.16 during mid-day trading on Friday, reaching $27.76. The company had a trading volume of 6,368,152 shares, compared to its average volume of 6,202,205. The stock has a fifty day moving average of $28.25 and a two-hundred day moving average of $31.59. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 1.85. The company has a market capitalization of $21.79 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 1.77 and a beta of 1.18. Corning Incorporated has a 12-month low of $26.78 and a 12-month high of $36.56.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. Sell-side analysts forecast that Corning Incorporated will post 1.71 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a yield of 2.88%. Corning’s dividend payout ratio is currently 44.94%.

Corning Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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