Grandfield & Dodd LLC Sells 5,009 Shares of Corning Incorporated (NYSE:GLW)

Grandfield & Dodd LLC lessened its stake in Corning Incorporated (NYSE:GLW) by 1.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 368,591 shares of the electronics maker’s stock after selling 5,009 shares during the quarter. Grandfield & Dodd LLC’s holdings in Corning were worth $12,149,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Cape Investment Advisory Inc. lifted its holdings in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 800 shares during the period. Access Investment Management LLC purchased a new stake in Corning in the first quarter worth $28,000. Bruce G. Allen Investments LLC purchased a new stake in Corning in the fourth quarter worth $31,000. EverSource Wealth Advisors LLC increased its position in Corning by 347.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after buying an additional 823 shares during the last quarter. Finally, Emfo LLC purchased a new stake in Corning in the fourth quarter worth $33,000. Institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the subject of a number of recent research reports. UBS Group raised their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Tuesday. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday. Bank of America raised their target price on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Citigroup raised their target price on Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Finally, Argus lifted their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $42.92.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction dated 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 owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is currently owned by corporate insiders.

Corning Price Performance

NYSE GLW traded down $0.42 during trading on Thursday, reaching $45.06. The company’s stock had a trading volume of 9,991,751 shares, compared to its average volume of 5,852,538. The stock has a market capitalization of $38.60 billion, a PE ratio of 63.46, a P/E/G ratio of 1.85 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The firm has a fifty day moving average of $37.59 and a 200 day moving average of $33.81. Corning Incorporated has a one year low of $25.26 and a one year high of $45.87.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 EPS. Analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is currently 157.75%.

Corning 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.