Corning Incorporated (NYSE:GLW) Shares Sold by Carret Asset Management LLC

Carret Asset Management LLC trimmed its holdings in Corning Incorporated (NYSE:GLW) by 0.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 105,586 shares of the electronics maker’s stock after selling 950 shares during the quarter. Carret Asset Management LLC’s holdings in Corning were worth $3,480,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GLW. Natixis Advisors L.P. lifted its stake in shares of Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares during the period. Bridgefront Capital LLC acquired a new stake in shares of Corning during the 4th quarter valued at about $813,000. Wahed Invest LLC increased its stake in shares of Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares in the last quarter. KMG Fiduciary Partners LLC acquired a new position in Corning in the 4th quarter worth about $1,199,000. Finally, Belpointe Asset Management LLC boosted its position in Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after purchasing an additional 1,740 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insider Transactions at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 over the last ninety days. Company insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Corning from $35.00 to $39.00 and gave the stock a “hold” rating in a report on Wednesday. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Mizuho lifted their price target on Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 18th. Bank of America increased their price objective on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Finally, UBS Group upped their target price on shares of Corning from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $39.42.

Corning Trading Up 0.1 %

NYSE:GLW traded up $0.03 on Wednesday, reaching $38.42. The company’s stock had a trading volume of 3,076,579 shares, compared to its average volume of 5,417,409. The firm has a market cap of $32.91 billion, a price-to-earnings ratio of 53.94, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $40.46. The stock has a 50 day moving average price of $36.25 and a 200 day moving average price of $33.28.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is 157.75%.

Corning 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.