Corning Incorporated (NYSE:GLW) Shares Sold by Norden Group LLC

Norden Group LLC decreased its position in shares of Corning Incorporated (NYSE:GLW) by 24.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 9,092 shares of the electronics maker’s stock after selling 3,016 shares during the period. Norden Group LLC’s holdings in Corning were worth $277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Commonwealth Equity Services LLC grew its position in shares of Corning by 0.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 807,939 shares of the electronics maker’s stock valued at $24,618,000 after acquiring an additional 5,242 shares during the period. Kingswood Wealth Advisors LLC raised its position in Corning by 157.6% during the third quarter. Kingswood Wealth Advisors LLC now owns 16,306 shares of the electronics maker’s stock worth $497,000 after acquiring an additional 9,975 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in Corning by 2.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock valued at $3,351,000 after purchasing an additional 2,308 shares in the last quarter. Xponance Inc. increased its stake in shares of Corning by 5.2% during the third quarter. Xponance Inc. now owns 106,466 shares of the electronics maker’s stock worth $3,244,000 after purchasing an additional 5,294 shares in the last quarter. Finally, Tectonic Advisors LLC acquired a new position in shares of Corning during the 3rd quarter worth about $244,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 0.3 %

GLW opened at $33.48 on Thursday. The business has a fifty day moving average price of $32.32 and a 200 day moving average price of $30.55. 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 12 month low of $25.26 and a 12 month high of $36.01. The stock has a market capitalization of $28.64 billion, a price-to-earnings ratio of 47.15, a PEG ratio of 1.85 and a beta of 1.07.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The firm’s quarterly revenue was down 11.5% on a year-over-year basis. Sell-side analysts expect that Corning Incorporated will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.35%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GLW shares. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. UBS Group lifted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.89.

Insiders Place Their Bets

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is owned by corporate insiders.

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.