Consolidated Portfolio Review Corp Sells 1,502 Shares of Corning Incorporated (NYSE:GLW)

Consolidated Portfolio Review Corp lessened its stake in Corning Incorporated (NYSE:GLW) by 10.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,411 shares of the electronics maker’s stock after selling 1,502 shares during the period. Consolidated Portfolio Review Corp’s holdings in Corning were worth $378,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Peoples Bank KS acquired a new position in shares of Corning in the third quarter valued at about $25,000. OFI Invest Asset Management purchased a new stake in Corning in the third quarter valued at $25,000. Janiczek Wealth Management LLC lifted its holdings in shares of Corning by 173.6% in the 3rd 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 period. SRS Capital Advisors Inc. boosted its stake in shares of Corning by 232.9% in the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of Corning in the fourth quarter worth about $31,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several recent research reports. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group increased their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. increased their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $34.56.

Corning Stock Performance

NYSE:GLW opened at $31.49 on Monday. The firm has a 50-day moving average price of $32.40 and a two-hundred day moving average price of $30.37. The company has a market capitalization of $26.93 billion, a P/E ratio of 47.00, a price-to-earnings-growth ratio of 1.79 and a beta of 1.08. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. 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 (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 the consensus estimate of $0.39. The company had revenue of $2.99 billion during 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 revenue was down 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 earnings per share. As a group, research analysts expect that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Dividend Announcement

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

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.45% of the stock is currently owned by company insiders.

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.