Ziegler Capital Management LLC reduced its position in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 25.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,153 shares of the electronics maker's stock after selling 20,391 shares during the period. Ziegler Capital Management LLC's holdings in Corning were worth $1,895,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of GLW. Guggenheim Capital LLC boosted its stake in shares of Corning by 33.4% during the 4th quarter. Guggenheim Capital LLC now owns 105,560 shares of the electronics maker's stock worth $3,929,000 after purchasing an additional 26,435 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Corning by 517.4% during the 4th quarter. Squarepoint Ops LLC now owns 92,569 shares of the electronics maker's stock worth $3,446,000 after acquiring an additional 77,576 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in shares of Corning by 170.7% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 842,987 shares of the electronics maker's stock worth $31,384,000 after acquiring an additional 531,599 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Corning by 67.2% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 718,421 shares of the electronics maker's stock worth $26,747,000 after acquiring an additional 288,800 shares during the period. Finally, CIBC World Markets Inc. lifted its holdings in shares of Corning by 20.7% during the 4th quarter. CIBC World Markets Inc. now owns 53,671 shares of the electronics maker's stock worth $1,998,000 after acquiring an additional 9,209 shares during the period. 69.00% of the stock is owned by institutional investors and hedge funds.
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Insider Activity
In other news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $36.70, for a total transaction of $204,602.50. Following the sale, the senior vice president now owns 7,345 shares in the company, valued at $269,561.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.36% of the company's stock.
Corning Trading Down 2.0 %
GLW opened at $29.02 on Monday. The firm has a market capitalization of $24.53 billion, a P/E ratio of 12.45, a P/E/G ratio of 2.02 and a beta of 1.03. The firm's 50 day moving average is $34.14 and its 200-day moving average is $34.42. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $43.47. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt-to-equity ratio of 0.56.
Corning (NYSE:GLW – Get Rating) last posted its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. The company had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.79 billion. Corning had a net margin of 13.73% and a return on equity of 15.38%. The business's quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 earnings per share. Analysts expect that Corning Incorporated will post 2.22 EPS for the current fiscal year.
Wall Street Analyst Weigh In
GLW has been the topic of several recent analyst reports. StockNews.com lowered shares of Corning from a "buy" rating to a "hold" rating in a report on Friday, September 16th. Susquehanna cut their price objective on shares of Corning from $46.00 to $40.00 and set a "positive" rating on the stock in a report on Friday, September 9th. Susquehanna Bancshares cut their price objective on shares of Corning from $46.00 to $40.00 and set a "positive" rating on the stock in a report on Friday, September 9th. UBS Group cut their price objective on shares of Corning to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, July 27th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Corning from $39.00 to $37.00 and set a "hold" rating on the stock in a report on Thursday, September 15th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.27.
About Corning
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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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