Cambridge Investment Research Advisors Inc. Sells 167 Shares of Corning Incorporated (GLW)

Cambridge Investment Research Advisors Inc. reduced its position in Corning Incorporated (NYSE:GLW) by 0.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 136,064 shares of the electronics maker’s stock after selling 167 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Corning were worth $3,674,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of GLW. Lincoln Capital Corp bought a new position in shares of Corning during the fourth quarter worth approximately $1,251,000. Wealthfront Inc. increased its position in shares of Corning by 8.7% in the fourth quarter. Wealthfront Inc. now owns 23,755 shares of the electronics maker’s stock worth $577,000 after buying an additional 1,906 shares in the last quarter. RMB Capital Management LLC bought a new position in shares of Corning during the fourth quarter worth approximately $1,772,000. USA Financial Portformulas Corp increased its position in shares of Corning by 2.4% in the fourth quarter. USA Financial Portformulas Corp now owns 19,943 shares of the electronics maker’s stock worth $484,000 after buying an additional 473 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of Corning by 2.6% in the fourth quarter. Teachers Advisors LLC now owns 2,004,240 shares of the electronics maker’s stock valued at $48,643,000 after buying an additional 50,512 shares during the last quarter. Institutional investors and hedge funds own 72.66% of the company’s stock.

Corning Incorporated (NYSE:GLW) opened at 29.25 on Friday. Corning Incorporated has a 12-month low of $22.07 and a 12-month high of $32.17. The stock has a market cap of $26.42 billion, a PE ratio of 13.06 and a beta of 1.41. The firm has a 50 day moving average of $30.32 and a 200-day moving average of $28.22.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. Corning’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.37 EPS. On average, analysts expect that Corning Incorporated will post $1.71 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.12%. Corning’s dividend payout ratio (DPR) is presently 27.93%.

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Several equities research analysts have recently weighed in on GLW shares. Drexel Hamilton upped their price target on shares of Corning from $14.50 to $17.50 and gave the stock a “sell” rating in a research report on Wednesday, April 26th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a research report on Monday, July 10th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $33.00 price target (up previously from $30.00) on shares of Corning in a research report on Saturday, April 29th. Jefferies Group LLC upped their price target on shares of Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a research report on Friday, April 28th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $28.00 price target on shares of Corning in a research report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Corning presently has a consensus rating of “Hold” and an average price target of $27.81.

In other news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the transaction, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider James P. Clappin sold 106,983 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the transaction, the insider now directly owns 91,552 shares in the company, valued at $2,677,896. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 416,358 shares of company stock worth $12,224,089. Corporate insiders own 0.59% of the company’s stock.

Corning Company Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).