Buffington Mohr McNeal Has $343,000 Position in Corning Incorporated (NYSE:GLW)

Buffington Mohr McNeal lessened its holdings in Corning Incorporated (NYSE:GLW) by 5.6% during the fourth quarter, HoldingsChannel reports. The firm owned 11,267 shares of the electronics maker’s stock after selling 665 shares during the quarter. Buffington Mohr McNeal’s holdings in Corning were worth $343,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of GLW. Cibc World Market Inc. boosted its holdings in shares of Corning by 22.1% during the 1st quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after acquiring an additional 11,884 shares in the last quarter. Prudential PLC bought a new stake in Corning in the 1st quarter valued at about $588,000. Sequoia Financial Advisors LLC increased its position in Corning by 15.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock valued at $293,000 after buying an additional 1,062 shares in the last quarter. Vanguard Group Inc. increased its position in Corning by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after buying an additional 671,480 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its stake in Corning by 24.4% during the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after purchasing an additional 140,098 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Trading Down 0.7 %

Shares of NYSE:GLW traded down $0.22 on Tuesday, reaching $31.07. 2,415,131 shares of the company traded hands, compared to its average volume of 4,705,255. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $26.58 billion, a P/E ratio of 46.36, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The business’s 50-day simple moving average is $32.38 and its 200 day simple moving average is $30.37.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the firm earned $0.47 earnings per share. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, equities analysts anticipate that Corning Incorporated will post 1.86 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.60%. Corning’s payout ratio is 167.16%.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Barclays increased their price objective on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $34.56.

About Corning

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.