CoreCap Advisors LLC Sells 15,844 Shares of Corning Incorporated (NYSE:GLW)

CoreCap Advisors LLC lessened its holdings in shares of Corning Incorporated (NYSE:GLW) by 90.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,705 shares of the electronics maker’s stock after selling 15,844 shares during the period. CoreCap Advisors LLC’s holdings in Corning were worth $81,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of GLW. Barclays PLC lifted its stake in Corning by 8.5% in the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock valued at $85,468,000 after acquiring an additional 148,042 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Corning by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 890,981 shares of the electronics maker’s stock valued at $40,228,000 after acquiring an additional 12,451 shares in the last quarter. Czech National Bank lifted its stake in Corning by 6.5% in the 4th quarter. Czech National Bank now owns 167,079 shares of the electronics maker’s stock valued at $7,940,000 after acquiring an additional 10,196 shares in the last quarter. Fiduciary Alliance LLC bought a new stake in Corning in the 4th quarter valued at approximately $694,000. Finally, Capital Investment Advisors LLC lifted its stake in Corning by 15.6% in the 4th quarter. Capital Investment Advisors LLC now owns 7,587 shares of the electronics maker’s stock valued at $361,000 after acquiring an additional 1,022 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 1.4%

GLW stock opened at $47.61 on Wednesday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $40.78 billion, a PE ratio of 82.09, a PEG ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 1-year low of $34.33 and a 1-year high of $55.33. The business’s 50 day simple moving average is $44.46 and its 200 day simple moving average is $47.50.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the firm posted $0.38 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is 215.38%.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on GLW shares. Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price target on Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Barclays lowered their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Oppenheimer lowered their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.08.

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.