Lazard Asset Management LLC Has $216,000 Stake in Corning Incorporated (NYSE:GLW)

Lazard Asset Management LLC continued to hold its stake in Corning Incorporated (NYSE:GLW) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,000 shares of the electronics maker’s stock at the end of the first quarter. Lazard Asset Management LLC’s holdings in Corning were worth $216,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC purchased a new stake in Corning during the first quarter valued at about $58,813,000. SG Americas Securities LLC boosted its stake in Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock valued at $8,889,000 after buying an additional 1,510,245 shares during the last quarter. CIBC World Markets Inc. boosted its stake in shares of Corning by 575.1% in the first quarter. CIBC World Markets Inc. now owns 1,711,673 shares of the electronics maker’s stock worth $46,215,000 after buying an additional 1,458,114 shares in the last quarter. British Airways Pensions Investment Management Ltd bought a new stake in shares of Corning during the first quarter worth $34,818,000. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Corning by 212.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,790,396 shares of the electronics maker’s stock worth $48,341,000 after buying an additional 1,217,686 shares in the last quarter. Hedge funds and other institutional investors own 73.87% of the company’s stock.

Shares of Corning Incorporated (NYSE GLW) traded down 0.14% on Wednesday, reaching $28.45. 7,186,021 shares of the company were exchanged. The stock has a market capitalization of $25.70 billion, a PE ratio of 12.71 and a beta of 1.40. Corning Incorporated has a 1-year low of $22.14 and a 1-year high of $32.17. The company has a 50-day moving average price of $30.15 and a 200 day moving average price of $28.59.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company earned $0.37 earnings per share. Corning’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts forecast that Corning Incorporated will post $1.71 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is currently 27.93%.

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A number of equities research analysts have weighed in on the stock. Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of Corning in a research report on Tuesday. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price target on shares of Corning in a research report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and dropped their price target for the company from $29.00 to $26.00 in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $28.08.

In other news, insider James P. Clappin sold 106,983 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the completion of the sale, the insider now owns 91,552 shares of the company’s stock, valued at $2,677,896. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The disclosure for this sale can be found here. Insiders have sold 387,700 shares of company stock valued at $11,389,405 in the last three months. Corporate insiders own 0.59% of the company’s stock.

About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).