Independent Advisor Alliance Sells 681 Shares of Corning Incorporated (NYSE:GLW)

Independent Advisor Alliance cut its holdings in Corning Incorporated (NYSE:GLW) by 5.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 12,340 shares of the electronics maker’s stock after selling 681 shares during the quarter. Independent Advisor Alliance’s holdings in Corning were worth $376,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of GLW. SRS Capital Advisors Inc. grew its holdings 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 worth $28,000 after acquiring an additional 652 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in shares of Corning during the 4th quarter valued at about $31,000. Emfo LLC bought a new position in shares of Corning in the 4th quarter worth approximately $33,000. CGC Financial Services LLC boosted its holdings in shares of Corning by 807.7% in the fourth quarter. CGC Financial Services LLC now owns 1,180 shares of the electronics maker’s stock worth $36,000 after buying an additional 1,050 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new stake in Corning during the fourth quarter valued at approximately $38,000. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on 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 transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Corning news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders have sold 239,841 shares of company stock valued at $7,971,257 in the last ninety days. 0.45% of the stock is owned by company insiders.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. Barclays boosted 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. Mizuho assumed coverage on Corning in a research note on Tuesday, May 7th. They issued a “neutral” rating and a $36.00 price objective on the stock. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. raised their target price on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.00.

Corning Trading Up 2.7 %

GLW opened at $36.48 on Wednesday. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.80. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average of $32.85 and a 200 day moving average of $31.30. The firm has a market cap of $31.25 billion, a P/E ratio of 51.38, a P/E/G ratio of 1.71 and a beta of 1.07.

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

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued 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 3.07%. Corning’s payout ratio is 157.75%.

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.