LRI Investments LLC Sells 252 Shares of Corning Incorporated (NYSE:GLW)

LRI Investments LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 1.3% during the fourth quarter, HoldingsChannel reports. The fund owned 18,654 shares of the electronics maker’s stock after selling 252 shares during the quarter. LRI Investments LLC’s holdings in Corning were worth $886,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after purchasing an additional 916,528 shares during the period. Geode Capital Management LLC grew its position in Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after buying an additional 533,686 shares in the last quarter. Northern Trust Corp increased its stake in Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock valued at $516,560,000 after acquiring an additional 208,826 shares during the period. Norges Bank bought a new position in Corning during the fourth quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP raised its holdings in Corning by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after acquiring an additional 78,497 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

NYSE:GLW opened at $45.08 on Monday. 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 firm has a market cap of $38.61 billion, a PE ratio of 77.73, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 12 month low of $34.15 and a 12 month high of $55.33. The company’s 50-day moving average price is $44.42 and its two-hundred day moving average price is $47.49.

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

Corning Announces Dividend

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

Analyst Upgrades and Downgrades

GLW has been the topic of several recent research reports. Mizuho set a $52.00 price objective on Corning in a report on Tuesday, April 15th. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Citigroup dropped their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Barclays reduced 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. Finally, Bank of America upped their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.08.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.40% of the company’s stock.

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.