Cornell Pochily Investment Advisors Inc. Lowers Holdings in Corning Incorporated (NYSE:GLW)

Cornell Pochily Investment Advisors Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 22.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,166 shares of the electronics maker’s stock after selling 3,487 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Corning were worth $370,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Cibc World Market Inc. grew its stake in shares of Corning by 22.1% during the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock valued at $2,420,000 after buying an additional 11,884 shares during the last quarter. Prudential PLC acquired a new position in shares of Corning during the first quarter worth $588,000. Sequoia Financial Advisors LLC increased its position in shares of Corning by 15.5% during the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after purchasing an additional 1,062 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares in the last quarter. Finally, Baird Financial Group Inc. increased its position in shares of Corning by 24.4% in the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock valued at $26,388,000 after acquiring an additional 140,098 shares during the period. 69.80% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the topic of several analyst reports. Barclays increased their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. UBS Group increased their target price on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. StockNews.com lowered shares of Corning from a “hold” rating to a “sell” rating in a research note on Sunday. Finally, HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $32.88.

Insider Transactions at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.40% of the company’s stock.

Corning Price Performance

GLW traded up $0.01 during trading on Thursday, reaching $33.03. The company’s stock had a trading volume of 672,629 shares, compared to its average volume of 4,792,296. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $32.05 and a two-hundred day simple moving average of $30.25. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a market cap of $28.25 billion, a price-to-earnings ratio of 49.28, a PEG ratio of 1.84 and a beta of 1.08.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s revenue was down 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.47 EPS. As a group, analysts anticipate that Corning Incorporated will post 1.86 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.39%. Corning’s dividend payout ratio is currently 167.16%.

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.