Members Capital Advisors Inc. Sells 24,608 Shares of Corning Incorporated (NYSE:GLW)

Members Capital Advisors Inc. decreased its position in Corning Incorporated (NYSE:GLW) by 80.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,806 shares of the electronics maker’s stock after selling 24,608 shares during the period. Corning accounts for 0.5% of Members Capital Advisors Inc.’s portfolio, making the stock its 22nd largest position. Members Capital Advisors Inc.’s holdings in Corning were worth $177,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GLW. Wellington Management Group LLP boosted its holdings in Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after buying an additional 2,055,388 shares during the last quarter. Morgan Stanley boosted its holdings in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after buying an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after buying an additional 2,301,745 shares during the last quarter. Northern Trust Corp boosted its holdings in Corning by 2.0% during the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock worth $366,856,000 after buying an additional 232,699 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Corning by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after buying an additional 490,638 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Down 0.0 %

Corning stock traded down $0.01 during midday trading on Wednesday, reaching $31.52. The stock had a trading volume of 3,203,471 shares, compared to its average volume of 4,699,621. The stock has a market capitalization of $26.96 billion, a P/E ratio of 47.04, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The firm’s fifty day simple moving average is $32.30 and its 200-day simple moving average is $30.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. As a group, analysts expect that Corning Incorporated will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 167.16%.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group lifted their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $34.78.

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.