Corient Private Wealth LLC Sells 15,518 Shares of Corning Incorporated (NYSE:GLW)

Corient Private Wealth LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 3.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 489,299 shares of the electronics maker’s stock after selling 15,518 shares during the quarter. Corient Private Wealth LLC’s holdings in Corning were worth $14,899,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. SRS Capital Advisors Inc. grew its holdings in shares of Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Corning during the 4th quarter valued at $31,000. Emfo LLC bought a new stake in Corning during the 4th quarter valued at $33,000. CGC Financial Services LLC grew its stake in shares of Corning by 807.7% in the 4th quarter. CGC Financial Services LLC now owns 1,180 shares of the electronics maker’s stock worth $36,000 after acquiring an additional 1,050 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Corning in the 4th quarter worth $40,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on GLW shares. JPMorgan Chase & Co. upped their price objective on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Mizuho began coverage on Corning in a report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 price target for the company. Barclays boosted their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $35.00.

Corning Stock Performance

Corning stock traded up $0.16 during mid-day trading on Friday, reaching $36.28. The company’s stock had a trading volume of 2,763,482 shares, compared to its average volume of 5,517,983. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.80. The firm has a market cap of $31.08 billion, a price-to-earnings ratio of 51.10, a PEG ratio of 1.64 and a beta of 1.07. 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 business has a 50 day moving average price of $33.07 and a 200-day moving average price of $31.43.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 EPS. Sell-side analysts predict that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.09%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Buying and Selling

In related news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock worth $7,971,257 over the last three months. 0.40% of the stock is currently owned by company insiders.

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.