Banque Cantonale Vaudoise Decreases Holdings in Corning Incorporated (NYSE:GLW)

Banque Cantonale Vaudoise trimmed its position in shares of Corning Incorporated (NYSE:GLW – Get Rating) by 66.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,811 shares of the electronics maker’s stock after selling 27,300 shares during the period. Banque Cantonale Vaudoise’s holdings in Corning were worth $441,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Standard Family Office LLC bought a new position in Corning during the 3rd quarter worth approximately $29,000. CI Investments Inc. grew its position in Corning by 981.9% during the 3rd quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock worth $30,000 after acquiring an additional 923 shares during the last quarter. Arcus Capital Partners LLC bought a new position in Corning during the 4th quarter worth approximately $32,000. Accurate Wealth Management LLC bought a new stake in shares of Corning in the 4th quarter worth approximately $39,000. Finally, Blue Bell Private Wealth Management LLC grew its position in shares of Corning by 64.5% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 1,390 shares of the electronics maker’s stock worth $40,000 after buying an additional 545 shares during the last quarter. 67.79% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

GLW opened at $31.04 on Friday. Corning Incorporated has a 52-week low of $28.98 and a 52-week high of $37.73. The stock has a market capitalization of $26.39 billion, a P/E ratio of 29.28, a P/E/G ratio of 2.27 and a beta of 1.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.84 and a current ratio of 1.44. The company’s 50-day simple moving average is $32.94 and its two-hundred day simple moving average is $33.76.

Corning (NYSE:GLW – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The electronics maker reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. Corning had a net margin of 6.66% and a return on equity of 13.99%. The firm had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. The business’s revenue for the quarter was down 10.1% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Stockholders of record on Wednesday, May 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Tuesday, May 30th. Corning’s payout ratio is currently 105.66%.

Insider Activity

In other news, insider Li Fang sold 19,909 shares of the company’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total transaction of $700,199.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Cheryl C. Capps sold 28,574 shares of the stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $33.14, for a total value of $946,942.36. Following the completion of the sale, the senior vice president now directly owns 100,000 shares of the company’s stock, valued at approximately $3,314,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Li Fang sold 19,909 shares of the stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total transaction of $700,199.53. The disclosure for this sale can be found here. Insiders sold 135,198 shares of company stock valued at $4,405,084 in the last quarter. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on GLW shares. Deutsche Bank Aktiengesellschaft cut their price objective on Corning from $38.00 to $37.00 in a research report on Wednesday, April 26th. Barclays cut their price objective on Corning from $35.00 to $33.00 in a research report on Wednesday, April 26th. JPMorgan Chase & Co. lifted their price objective on Corning from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. Susquehanna raised their target price on Corning from $39.00 to $40.00 and gave the company a “positive” rating in a research note on Thursday, February 2nd. Finally, StockNews.com began coverage on Corning in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $37.89.

Corning Company Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.