MidWestOne Financial Group Inc. Trims Stock Position in Corning Incorporated (NYSE:GLW)

MidWestOne Financial Group Inc. trimmed its stake in Corning Incorporated (NYSE:GLW) by 2.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,807 shares of the electronics maker’s stock after selling 345 shares during the period. MidWestOne Financial Group Inc.’s holdings in Corning were worth $609,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sound Income Strategies LLC boosted its stake in Corning by 76.7% in the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Sierra Ocean LLC purchased a new stake in shares of Corning in the 4th quarter valued at about $25,000. Asset Planning Inc purchased a new position in Corning during the 4th quarter worth approximately $29,000. Mainstream Capital Management LLC purchased a new position in Corning during the 4th quarter worth approximately $35,000. Finally, JFS Wealth Advisors LLC increased its position in Corning by 171.8% during the fourth quarter. JFS Wealth Advisors LLC now owns 810 shares of the electronics maker’s stock worth $38,000 after buying an additional 512 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Trading Up 0.4%

NYSE GLW opened at $48.18 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.26 billion, a P/E ratio of 83.06, a P/E/G ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 52-week low of $35.40 and a 52-week high of $55.33. The firm has a 50-day moving average price of $44.73 and a 200 day moving average price of $47.50.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, May 30th. Corning’s payout ratio is 215.38%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Barclays decreased their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Finally, Oppenheimer lowered their price target on Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.08.

Insider Buying and Selling at Corning

In other Corning news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now directly owns 9,610 shares of the company’s stock, valued at approximately $450,805.10. This trade represents a 45.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

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.