Byrne Asset Management LLC Has $1.01 Million Position in Corning Incorporated (NYSE:GLW)

Byrne Asset Management LLC lowered its stake in shares of Corning Incorporated (NYSE:GLW) by 2.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,060 shares of the electronics maker’s stock after selling 580 shares during the quarter. Byrne Asset Management LLC’s holdings in Corning were worth $1,010,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Sierra Ocean LLC acquired a new stake in Corning during the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new stake in Corning during the fourth quarter worth approximately $29,000. Vermillion Wealth Management Inc. acquired a new stake in Corning during the fourth quarter worth approximately $29,000. Putney Financial Group LLC acquired a new stake in Corning during the fourth quarter worth approximately $30,000. Finally, Mainstream Capital Management LLC acquired a new stake in Corning during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last three months. Insiders own 0.40% of the company’s stock.

Corning Stock Down 2.5%

Shares of NYSE:GLW opened at $49.54 on Friday. The firm has a market cap of $42.43 billion, a P/E ratio of 85.42, a P/E/G ratio of 1.50 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 12-month low of $37.05 and a 12-month high of $55.33. The business has a fifty day simple moving average of $46.19 and a 200 day simple moving average of $47.77.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the company earned $0.38 EPS. Analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio is currently 215.38%.

Analyst Ratings Changes

A number of brokerages recently issued reports on GLW. JPMorgan Chase & Co. reduced 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. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Mizuho set a $52.00 target price on Corning in a research note on Tuesday, April 15th. Finally, Citigroup cut their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.08.

Corning 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.