Corning Incorporated (NYSE:GLW) Shares Sold by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC lessened its stake in shares of Corning Incorporated (NYSE:GLW) by 14.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,888 shares of the electronics maker’s stock after selling 1,385 shares during the period. Connecticut Wealth Management LLC’s holdings in Corning were worth $240,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of GLW. Robeco Institutional Asset Management B.V. raised its position in shares of Corning by 2.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock worth $3,351,000 after purchasing an additional 2,308 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Corning by 9.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 269,980 shares of the electronics maker’s stock valued at $8,226,000 after acquiring an additional 24,225 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in Corning by 152.3% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 21,262 shares of the electronics maker’s stock valued at $648,000 after acquiring an additional 12,836 shares in the last quarter. Forsta AP Fonden grew its stake in Corning by 11.2% during the 3rd quarter. Forsta AP Fonden now owns 229,000 shares of the electronics maker’s stock valued at $6,978,000 after acquiring an additional 23,100 shares in the last quarter. Finally, Lindbrook Capital LLC grew its stake in Corning by 19.4% during the 3rd quarter. Lindbrook Capital LLC now owns 8,651 shares of the electronics maker’s stock valued at $264,000 after acquiring an additional 1,408 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GLW shares. JPMorgan Chase & Co. upped their price objective on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $34.89.

Insider Activity at Corning

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,988 shares of company stock worth $3,984,964. Insiders own 0.45% of the company’s stock.

Corning Trading Down 0.9 %

Corning stock traded down $0.31 during trading on Monday, hitting $33.41. The company had a trading volume of 3,260,428 shares, compared to its average volume of 4,825,349. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company’s 50 day simple moving average is $32.36 and its 200-day simple moving average is $30.65. The stock has a market cap of $28.62 billion, a price-to-earnings ratio of 47.49, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.35%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

About Corning

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.