Corning Incorporated (NYSE:GLW) Shares Sold by Eliot Finkel Investment Counsel LLC

Eliot Finkel Investment Counsel LLC reduced its stake in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 156,480 shares of the electronics maker’s stock after selling 2,380 shares during the quarter. Corning accounts for approximately 4.9% of Eliot Finkel Investment Counsel LLC’s holdings, making the stock its 7th biggest position. Eliot Finkel Investment Counsel LLC’s holdings in Corning were worth $7,164,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vermillion Wealth Management Inc. acquired a new position in Corning during the 4th quarter valued at $29,000. Putney Financial Group LLC acquired a new stake in Corning during the fourth quarter worth $30,000. Investment Management Corp VA ADV boosted its stake in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock worth $34,000 after buying an additional 463 shares in the last quarter. Transce3nd LLC acquired a new stake in Corning during the fourth quarter worth $39,000. Finally, ORG Partners LLC boosted its stake in Corning by 115.8% during the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after buying an additional 476 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Edward A. Schlesinger sold 14,082 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the transaction, the chief financial officer owned 78,316 shares of the company’s stock, valued at $4,877,520.48. This represents a 15.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 137,381 shares of company stock worth $7,836,789. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

Corning stock opened at $62.03 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.50. The firm has a market cap of $53.13 billion, a P/E ratio of 65.99, a P/E/G ratio of 1.62 and a beta of 1.08. The business’s fifty day moving average is $52.73 and its two-hundred day moving average is $49.18. Corning Incorporated has a 52 week low of $37.18 and a 52 week high of $63.91.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter in the previous year, the firm earned $0.47 earnings per share. Equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s dividend payout ratio (DPR) is 119.15%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GLW shares. Oppenheimer reiterated an “outperform” rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research note on Wednesday. Citigroup lifted their price target on shares of Corning from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Wolfe Research started coverage on shares of Corning in a research note on Tuesday, July 8th. They set an “outperform” rating on the stock. Wall Street Zen upgraded shares of Corning from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Barclays lifted their price target on shares of Corning from $52.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $63.25.

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.