Captrust Financial Advisors Trims Stock Holdings in Corning Incorporated (NYSE:GLW)

Captrust Financial Advisors lowered its stake in Corning Incorporated (NYSE:GLW) by 1.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 98,780 shares of the electronics maker’s stock after selling 1,509 shares during the quarter. Captrust Financial Advisors’ holdings in Corning were worth $4,694,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GLW. Oregon Public Employees Retirement Fund boosted its position in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares during the period. Principal Securities Inc. boosted its position in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock worth $293,000 after buying an additional 211 shares during the period. Bogart Wealth LLC grew its stake in shares of Corning by 18.3% in the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after buying an additional 219 shares in the last quarter. Buffington Mohr McNeal grew its stake in shares of Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GLW shares. Citigroup dropped their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Barclays dropped their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and boosted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Mizuho set a $52.00 price objective on Corning in a research note on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.08.

Corning Price Performance

GLW stock opened at $45.08 on Friday. The business has a 50 day moving average price of $44.42 and a 200 day moving average price of $47.49. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market cap of $38.61 billion, a price-to-earnings ratio of 77.73, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a fifty-two week low of $34.08 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 EPS. Equities research analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is 215.38%.

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.