Corning Incorporated $GLW Shares Sold by Rokos Capital Management LLP

Rokos Capital Management LLP cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 6.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 392,999 shares of the electronics maker’s stock after selling 26,791 shares during the quarter. Corning comprises 0.4% of Rokos Capital Management LLP’s portfolio, making the stock its 29th biggest position. Rokos Capital Management LLP’s holdings in Corning were worth $53,430,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GLW. Berbice Capital Management LLC acquired a new stake in Corning during the 4th quarter worth about $26,000. Basepoint Wealth LLC purchased a new position in shares of Corning during the 4th quarter valued at about $26,000. Kemnay Advisory Services Inc. acquired a new position in shares of Corning in the 4th quarter valued at about $27,000. Litman Gregory Wealth Management LLC acquired a new position in shares of Corning in the 4th quarter valued at about $31,000. Finally, JPL Wealth Management LLC purchased a new stake in shares of Corning in the third quarter worth about $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on GLW shares. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Truist Financial boosted their price target on Corning from $149.00 to $205.00 and gave the company a “hold” rating in a report on Monday, June 22nd. Mizuho upped their price objective on Corning from $220.00 to $270.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Citigroup raised their price objective on shares of Corning from $225.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Nine equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $194.69.

Corning Price Performance

Shares of Corning stock opened at $142.94 on Tuesday. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. Corning Incorporated has a twelve month low of $54.92 and a twelve month high of $271.78. The business has a 50-day moving average price of $187.29 and a 200 day moving average price of $155.99. The firm has a market cap of $123.02 billion, a PE ratio of 68.39, a P/E/G ratio of 1.93 and a beta of 1.09.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the prior year, the firm posted $0.54 EPS. Corning’s quarterly revenue was up 18.1% compared to the same quarter last year. Sell-side analysts predict that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio is presently 53.59%.

Insider Buying and Selling at Corning

In other news, SVP Michaune D. Tillman sold 3,260 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the transaction, the senior vice president owned 10,174 shares in the company, valued at $2,106,221.48. This trade represents a 24.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 10,000 shares of Corning stock in a transaction on Monday, May 11th. The shares were sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the completion of the sale, the vice president directly owned 5,138 shares in the company, valued at $1,019,070.92. This represents a 66.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is currently owned by corporate insiders.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.