Corning Incorporated (NYSE:GLW) Shares Sold by Buffington Mohr McNeal

Buffington Mohr McNeal decreased its stake in Corning Incorporated (NYSE:GLW) by 5.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,267 shares of the electronics maker’s stock after selling 665 shares during the period. Buffington Mohr McNeal’s holdings in Corning were worth $343,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Natixis Advisors L.P. raised its position in Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after acquiring an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC purchased a new stake in shares of Corning during the fourth quarter worth about $1,199,000. HB Wealth Management LLC raised its position in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after buying an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Corning by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Corning Stock Performance

Shares of GLW stock traded down $0.22 during trading hours on Tuesday, reaching $31.07. The stock had a trading volume of 2,415,131 shares, compared to its average volume of 4,705,255. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The firm has a 50-day simple moving average of $32.38 and a 200-day simple moving average of $30.37. The firm has a market capitalization of $26.58 billion, a PE ratio of 46.36, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. As a group, equities analysts forecast that Corning Incorporated will post 1.86 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. Barclays boosted their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. UBS Group upped their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Corning presently has an average rating of “Hold” and an average target price of $34.56.

Corning Company 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.