Barry Investment Advisors LLC Has $352,000 Stock Holdings in Corning Incorporated (NYSE:GLW)

Barry Investment Advisors LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 10.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,688 shares of the electronics maker’s stock after selling 1,198 shares during the quarter. Barry Investment Advisors LLC’s holdings in Corning were worth $352,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in Corning during the fourth quarter worth about $247,721,000. Wellington Management Group LLP boosted its stake in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after purchasing an additional 2,301,745 shares during the period. Goldman Sachs Group Inc. increased its stake in Corning by 41.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in Corning by 1,329.2% in the fourth quarter. Federated Hermes Inc. now owns 1,321,494 shares of the electronics maker’s stock valued at $40,239,000 after purchasing an additional 1,229,031 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Up 0.7 %

GLW stock traded up $0.26 during midday trading on Friday, hitting $38.85. The company’s stock had a trading volume of 8,378,016 shares, compared to its average volume of 7,940,919. The company’s fifty day moving average price is $35.97 and its 200 day moving average price is $33.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $40.46. The stock has a market capitalization of $33.28 billion, a P/E ratio of 54.72, a PEG ratio of 1.77 and a beta of 1.08.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is currently 157.75%.

Insiders Place Their Bets

In related news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold a total of 175,207 shares of company stock valued at $5,876,067 over the last 90 days. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research analyst reports. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. Morgan Stanley downgraded Corning from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $35.00 to $38.00 in a report on Thursday, June 13th. Bank of America raised their price target on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. UBS Group boosted their price objective on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, May 30th. Finally, Citigroup raised their target price on shares of Corning from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $38.67.

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.