Corning Incorporated (NYSE:GLW) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC trimmed its position in Corning Incorporated (NYSE:GLW) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 777,560 shares of the electronics maker’s stock after selling 30,379 shares during the quarter. Commonwealth Equity Services LLC owned 0.09% of Corning worth $23,677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Peoples Bank KS purchased a new position in Corning in the 3rd quarter worth approximately $25,000. OFI Invest Asset Management purchased a new position in Corning in the 3rd quarter valued at about $25,000. SRS Capital Advisors Inc. boosted its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Corning during the fourth quarter worth about $31,000. Finally, Emfo LLC acquired a new position in shares of Corning in the fourth quarter worth about $33,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GLW shares. Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Barclays lifted their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $34.89.

Corning Price Performance

NYSE GLW opened at $33.72 on Monday. The company has a 50-day moving average price of $32.36 and a two-hundred day moving average price of $30.65. The stock has a market cap of $28.89 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. Analysts forecast that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. Corning’s dividend payout ratio (DPR) is 157.75%.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Insiders sold 119,988 shares of company stock worth $3,984,964 over the last ninety days. Company insiders own 0.45% of the company’s stock.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.