Blue Trust Inc. Sells 1,409 Shares of Corning Incorporated (NYSE:GLW)

Blue Trust Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW) by 9.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 13,480 shares of the electronics maker’s stock after selling 1,409 shares during the quarter. Blue Trust Inc.’s holdings in Corning were worth $617,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vermillion Wealth Management Inc. bought a new position in shares of Corning during the 4th quarter valued at approximately $29,000. Putney Financial Group LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $30,000. Mainstream Capital Management LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $35,000. Transce3nd LLC bought a new position in shares of Corning during the 4th quarter valued at approximately $39,000. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Corning during the 4th quarter valued at approximately $40,000. 69.80% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the transaction, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of several recent research reports. Citigroup decreased their price target on Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Oppenheimer decreased their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. decreased their price target on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $53.75.

Corning Stock Performance

GLW stock opened at $50.42 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The business’s fifty day simple moving average is $47.08 and its two-hundred day simple moving average is $47.83. Corning Incorporated has a twelve month low of $37.18 and a twelve month high of $55.33. The firm has a market cap of $43.18 billion, a price-to-earnings ratio of 96.96, a PEG ratio of 1.36 and a beta of 1.11.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.22%. Corning’s dividend payout ratio is currently 215.38%.

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.