InterOcean Capital Group LLC Sells 1,732 Shares of Corning Incorporated (NYSE:GLW)

InterOcean Capital Group LLC decreased its holdings in shares of Corning Incorporated (NYSE:GLW) by 18.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,492 shares of the electronics maker’s stock after selling 1,732 shares during the period. InterOcean Capital Group LLC’s holdings in Corning were worth $247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GLW. Cape Investment Advisory Inc. increased its stake in shares of Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the period. Access Investment Management LLC purchased a new position in Corning during the 1st quarter valued at $28,000. EverSource Wealth Advisors LLC raised its holdings in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares in the last quarter. Emfo LLC bought a new position in Corning in the 4th quarter worth $33,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Corning in the 1st quarter worth about $33,000. 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 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction dated 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 directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock worth $5,876,067 over the last three months. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GLW shares. Morgan Stanley boosted their price target on shares of Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 9th. UBS Group upped their target price on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Mizuho raised their target price on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Bank of America upped their price target on Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Finally, Argus increased their price objective on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $43.38.

Corning Price Performance

Shares of GLW opened at $43.09 on Friday. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $46.39. The company has a market capitalization of $36.91 billion, a P/E ratio of 60.30, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The firm has a 50 day moving average of $39.70 and a 200 day moving average of $34.80. 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 (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the company earned $0.41 EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Corning Incorporated will post 1.94 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders 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 dividend yield of 2.60%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is presently 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.