Money Concepts Capital Corp Sells 593 Shares of Corning Incorporated (NYSE:GLW)

Money Concepts Capital Corp reduced its holdings in Corning Incorporated (NYSE:GLW) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,373 shares of the electronics maker’s stock after selling 593 shares during the period. Money Concepts Capital Corp’s holdings in Corning were worth $3,130,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Vermillion Wealth Management Inc. bought a new position in shares of Corning in the fourth quarter valued at about $29,000. Putney Financial Group LLC acquired a new position in shares of Corning in the fourth quarter valued at approximately $30,000. Mainstream Capital Management LLC bought a new position in shares of Corning during the fourth quarter worth approximately $35,000. Transce3nd LLC acquired a new stake in Corning during the 4th quarter worth approximately $39,000. Finally, ORG Partners LLC increased its position in Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after buying an additional 476 shares during the period. Institutional investors own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total value of $715,793.13. Following the completion of the sale, the senior vice president now directly owns 31,505 shares in the company, valued at approximately $1,575,565.05. This represents a 31.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,796 shares of company stock valued at $3,632,635. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GLW shares. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Citigroup reduced their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Bank of America boosted their target price on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. reduced their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, Oppenheimer cut their target price on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.75.

Corning Trading Up 0.7%

NYSE:GLW opened at $51.75 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $47.88 and a two-hundred day simple moving average of $47.89. The stock has a market capitalization of $44.32 billion, a price-to-earnings ratio of 99.51, a PEG ratio of 1.39 and a beta of 1.11. Corning Incorporated has a 12 month low of $37.18 and a 12 month high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the business posted $0.38 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.16%. Corning’s dividend payout ratio is presently 215.38%.

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.