Westpac Banking Corp Has $1.96 Million Stock Position in Corning Incorporated (NYSE:GLW)

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Westpac Banking Corp reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 63.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 58,969 shares of the electronics maker’s stock after selling 102,658 shares during the quarter. Westpac Banking Corp’s holdings in Corning were worth $1,960,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smith Graham & Co. Investment Advisors LP grew its holdings in shares of Corning by 1.0% during the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 161,030 shares of the electronics maker’s stock worth $5,330,000 after purchasing an additional 1,560 shares in the last quarter. Calton & Associates Inc. boosted its stake in Corning by 24.3% in the second quarter. Calton & Associates Inc. now owns 9,709 shares of the electronics maker’s stock valued at $323,000 after buying an additional 1,895 shares in the last quarter. Harvest Group Wealth Management LLC acquired a new stake in Corning in the first quarter valued at about $144,000. Wedgewood Investors Inc. PA boosted its stake in Corning by 3.4% in the first quarter. Wedgewood Investors Inc. PA now owns 10,750 shares of the electronics maker’s stock valued at $356,000 after buying an additional 350 shares in the last quarter. Finally, Duality Advisers LP boosted its stake in Corning by 131.8% in the first quarter. Duality Advisers LP now owns 116,110 shares of the electronics maker’s stock valued at $3,843,000 after buying an additional 66,010 shares in the last quarter. 71.56% of the stock is currently owned by institutional investors.

In other news, VP Christine M. Pambianchi sold 194,960 shares of Corning stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the sale, the vice president now directly owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.46% of the company’s stock.

Several analysts recently weighed in on the company. Susquehanna Bancshares reaffirmed a “neutral” rating and issued a $30.00 price objective (down from $40.00) on shares of Corning in a research note on Thursday, August 1st. Deutsche Bank set a $36.00 price objective on Corning and gave the company a “buy” rating in a research note on Wednesday, July 31st. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective on the stock in a research note on Tuesday, August 6th. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, S&P Equity Research lowered Corning from a “positive” rating to a “neutral” rating and reduced their price objective for the company from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $34.73.

Shares of GLW stock traded up $0.50 during mid-day trading on Friday, reaching $27.63. 5,254,400 shares of the stock traded hands, compared to its average volume of 6,756,119. The stock’s fifty day simple moving average is $31.69 and its two-hundred day simple moving average is $32.58. Corning Incorporated has a 1-year low of $26.98 and a 1-year high of $36.56. The company has a market cap of $21.18 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 1.37 and a beta of 1.16. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54.

Corning (NYSE:GLW) last announced 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. Corning had a return on equity of 15.60% and a net margin of 12.78%. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, equities research analysts anticipate that Corning Incorporated will post 1.89 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is 44.94%.

About Corning

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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