Corning Incorporated (GLW) Shares Sold by Private Advisor Group LLC

Private Advisor Group LLC lessened its holdings in Corning Incorporated (NYSE:GLW) by 43.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 45,472 shares of the electronics maker’s stock after selling 35,589 shares during the quarter. Private Advisor Group LLC’s holdings in Corning were worth $1,510,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in GLW. Cetera Investment Advisers bought a new position in Corning in the 2nd quarter valued at $206,000. Intl Fcstone Inc. grew its position in Corning by 49.8% in the 2nd quarter. Intl Fcstone Inc. now owns 17,435 shares of the electronics maker’s stock valued at $524,000 after acquiring an additional 5,793 shares during the last quarter. Eqis Capital Management Inc. grew its position in Corning by 10.0% in the 3rd quarter. Eqis Capital Management Inc. now owns 40,464 shares of the electronics maker’s stock valued at $1,211,000 after acquiring an additional 3,693 shares during the last quarter. Shell Asset Management Co. grew its position in Corning by 21.4% in the 3rd quarter. Shell Asset Management Co. now owns 194,202 shares of the electronics maker’s stock valued at $3,756,000 after acquiring an additional 34,273 shares during the last quarter. Finally, PGGM Investments grew its position in Corning by 1.8% in the 3rd quarter. PGGM Investments now owns 1,965,116 shares of the electronics maker’s stock valued at $58,796,000 after acquiring an additional 35,195 shares during the last quarter. 71.82% of the stock is currently owned by institutional investors.

Shares of Corning Incorporated (NYSE GLW) opened at $29.47 on Friday. Corning Incorporated has a 1-year low of $26.32 and a 1-year high of $35.10. The firm has a market capitalization of $25,269.14, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 4.41 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.62% and a negative net margin of 4.91%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the prior year, the business earned $0.50 EPS. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. sell-side analysts predict that Corning Incorporated will post 1.67 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, February 27th. Corning’s dividend payout ratio is -79.49%.

Several brokerages have commented on GLW. Guggenheim reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, December 12th. Citigroup upped their price objective on Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Deutsche Bank upped their target price on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Finally, Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday, December 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $31.47.

In related news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the sale, the insider now directly owns 136,032 shares in the company, valued at approximately $4,410,157.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the sale, the director now owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.

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Corning 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).

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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