Manchester Financial Inc. Trims Holdings in Corning Incorporated (NYSE:GLW)

Manchester Financial Inc. trimmed its position in Corning Incorporated (NYSE:GLW) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,072 shares of the electronics maker’s stock after selling 1,084 shares during the period. Corning comprises about 0.5% of Manchester Financial Inc.’s investment portfolio, making the stock its 27th largest position. Manchester Financial Inc.’s holdings in Corning were worth $1,647,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Natixis Advisors L.P. lifted its holdings in shares of Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after acquiring an additional 5,616 shares during the period. KMG Fiduciary Partners LLC purchased a new position in shares of Corning during the 4th quarter worth about $1,199,000. HB Wealth Management LLC lifted its holdings in shares of Corning by 24.2% during the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after acquiring an additional 1,926 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after acquiring an additional 40,564 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after acquiring an additional 490,638 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Up 0.4 %

NYSE:GLW traded up $0.12 during trading hours on Monday, hitting $32.66. The stock had a trading volume of 371,144 shares, compared to its average volume of 4,705,378. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The business has a 50 day simple moving average of $32.42 and a two-hundred day simple moving average of $30.32. The company has a market cap of $27.94 billion, a PE ratio of 48.91, a price-to-earnings-growth ratio of 1.85 and a beta of 1.08.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Analysts Set New Price Targets

GLW has been the topic of several recent analyst reports. UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Barclays raised their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Susquehanna restated a “positive” rating and issued a $40.00 price target on shares of Corning in a report on Monday, April 1st. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Corning has an average rating of “Hold” and an average price target of $34.00.

Insider Transactions at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.45% of the company’s stock.

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.