Concord Wealth Partners Sells 1,260 Shares of Corning Incorporated (NYSE:GLW)

Concord Wealth Partners trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 52.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,144 shares of the electronics maker’s stock after selling 1,260 shares during the period. Concord Wealth Partners’ holdings in Corning were worth $35,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Corning by 7.7% during the third quarter. Wellington Management Group LLP now owns 28,714,901 shares of the electronics maker’s stock worth $874,943,000 after acquiring an additional 2,055,388 shares in the last quarter. Morgan Stanley boosted its position in shares of Corning by 5.1% during the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after purchasing an additional 1,060,450 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after buying an additional 2,301,745 shares during the period. Northern Trust Corp increased its position in Corning by 2.0% in the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after buying an additional 232,699 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock valued at $240,199,000 after buying an additional 490,638 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research reports. Susquehanna reissued a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. UBS Group upped 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, April 8th. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. 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 report on Thursday, February 1st. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $34.89.

Insider Buying and Selling

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 sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated 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 completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,988 shares of company stock worth $3,984,964. Insiders own 0.40% of the company’s stock.

Corning Price Performance

Corning stock opened at $33.72 on Friday. The stock has a market cap of $28.84 billion, a P/E ratio of 47.49, a P/E/G ratio of 1.70 and a beta of 1.07. 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 company’s 50 day moving average price is $32.34 and its two-hundred day moving average price is $30.57. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01.

Corning (NYSE:GLW) last issued its quarterly 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. 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 quarterly revenue was down 11.5% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. On average, equities analysts predict that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.32%. Corning’s payout ratio is currently 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.