Carret Asset Management LLC Sells 950 Shares of Corning Incorporated (NYSE:GLW)

Carret Asset Management LLC trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 0.9% in the first quarter, Holdings Channel reports. The fund owned 105,586 shares of the electronics maker’s stock after selling 950 shares during the quarter. Carret Asset Management LLC’s holdings in Corning were worth $3,480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Tradewinds Capital Management LLC bought a new position in Corning in the 1st quarter worth approximately $99,000. Azzad Asset Management Inc. ADV raised its stake in Corning by 0.7% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 76,404 shares of the electronics maker’s stock valued at $2,518,000 after purchasing an additional 548 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Corning by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after purchasing an additional 42,832 shares during the period. West Oak Capital LLC grew its position in Corning by 1.1% in the 1st quarter. West Oak Capital LLC now owns 51,430 shares of the electronics maker’s stock worth $1,695,000 after purchasing an additional 540 shares during the last quarter. Finally, Claro Advisors LLC increased its holdings in shares of Corning by 7.8% during the 1st quarter. Claro Advisors LLC now owns 7,490 shares of the electronics maker’s stock worth $247,000 after purchasing an additional 541 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 over the last 90 days. 0.45% of the stock is owned by insiders.

Corning Price Performance

GLW traded up $0.03 during trading on Wednesday, hitting $38.42. The company’s stock had a trading volume of 3,076,579 shares, compared to its average volume of 5,417,409. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $32.91 billion, a price-to-earnings ratio of 53.94, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. The firm’s 50 day moving average price is $36.25 and its two-hundred day moving average price is $33.28. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $40.46.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. Sell-side analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.92%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analysts Set New Price Targets

GLW has been the topic of a number of recent research reports. Mizuho lifted their target price on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. UBS Group upped their target price on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. upgraded shares of Corning from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. Morgan Stanley downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $35.00 to $38.00 in a report on Thursday, June 13th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $39.42.

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.