Connecticut Wealth Management LLC Sells 1,385 Shares of Corning Incorporated (NYSE:GLW)

Connecticut Wealth Management LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 14.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,888 shares of the electronics maker’s stock after selling 1,385 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Corning were worth $240,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of GLW. Peoples Bank KS bought a new position in Corning during the third quarter worth $25,000. OFI Invest Asset Management bought a new stake in Corning in the 3rd quarter valued at $25,000. SRS Capital Advisors Inc. increased its holdings 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 period. Bruce G. Allen Investments LLC bought a new stake in Corning in the 4th quarter valued at $31,000. Finally, Emfo LLC bought a new stake in Corning in the 4th quarter valued at $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE:GLW traded down $0.31 on Monday, hitting $33.41. The stock had a trading volume of 3,260,428 shares, compared to its average volume of 4,825,349. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm’s 50 day moving average price is $32.36 and its 200-day moving average price is $30.65. The company has a market capitalization of $28.62 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio (DPR) is 157.75%.

Insider Buying and Selling

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The disclosure for this sale can be found here. Insiders have sold a total of 119,988 shares of company stock worth $3,984,964 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GLW. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group boosted their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Finally, Morgan Stanley restated an “overweight” rating and issued a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Corning has an average rating of “Hold” and an average price target of $34.89.

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.