RFG Advisory LLC Cuts Stake in Corning Incorporated (NYSE:GLW)

RFG Advisory LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 62.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,141 shares of the electronics maker’s stock after selling 19,974 shares during the quarter. RFG Advisory LLC’s holdings in Corning were worth $370,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Peoples Bank KS purchased a new stake in shares of Corning during the third quarter worth about $25,000. OFI Invest Asset Management bought a new position in Corning during the third quarter valued at approximately $25,000. Janiczek Wealth Management LLC boosted its stake in Corning by 173.6% during the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 571 shares during the last quarter. Pacifica Partners Inc. bought a new position in Corning during the third quarter valued at approximately $28,000. Finally, SRS Capital Advisors Inc. boosted its stake in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after buying an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Insiders Place Their Bets

In other Corning 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 approximately $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on GLW. JPMorgan Chase & Co. increased their price target on Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday. Barclays increased their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Finally, UBS Group raised their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Corning presently has an average rating of “Hold” and an average price target of $34.56.

Corning Price Performance

Shares of GLW stock opened at $31.49 on Friday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The firm has a market capitalization of $26.93 billion, a P/E ratio of 47.00, a P/E/G ratio of 1.84 and a beta of 1.08. The stock has a 50 day moving average price of $32.40 and a 200 day moving average price of $30.36.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.56%. Corning’s payout ratio is currently 167.16%.

About Corning

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.