Corning Incorporated (NYSE:GLW) Shares Sold by CapWealth Advisors LLC

CapWealth Advisors LLC cut its position in shares of Corning Incorporated (NYSE:GLW) by 0.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 524,661 shares of the electronics maker’s stock after selling 1,683 shares during the quarter. Corning comprises 1.9% of CapWealth Advisors LLC’s portfolio, making the stock its 22nd biggest position. CapWealth Advisors LLC owned about 0.06% of Corning worth $15,976,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Peoples Bank KS acquired a new stake in shares of Corning in the third quarter valued at about $25,000. OFI Invest Asset Management acquired a new stake in shares of Corning in the third quarter valued at about $25,000. Janiczek Wealth Management LLC grew its stake in shares of Corning by 173.6% in the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 571 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in shares of Corning by 232.9% in the third 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 in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Corning in the fourth quarter valued at about $31,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE:GLW traded up $0.02 during midday trading on Thursday, reaching $31.00. 850,206 shares of the company traded hands, compared to its average volume of 4,704,966. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The firm has a market capitalization of $26.52 billion, a price-to-earnings ratio of 46.24, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a fifty day moving average price of $32.35 and a 200 day moving average price of $30.38.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the firm posted $0.47 EPS. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. On average, analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. Barclays increased their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, Susquehanna reiterated a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $34.56.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is owned by company insiders.

Corning Company 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.