Carnegie Capital Asset Management LLC Sells 4,359 Shares of Corning Incorporated (NYSE:GLW)

Carnegie Capital Asset Management LLC lowered its holdings in shares of Corning Incorporated (NYSE:GLW) by 8.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,781 shares of the electronics maker’s stock after selling 4,359 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Corning were worth $1,485,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Peoples Bank KS bought a new position in Corning during the third quarter valued at $25,000. OFI Invest Asset Management bought a new position in Corning during the third quarter valued at $25,000. Janiczek Wealth Management LLC lifted its position 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 purchasing an additional 571 shares during the last quarter. SRS Capital Advisors Inc. lifted its position 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 purchasing 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 valued at $31,000. Institutional investors own 69.80% of the company’s stock.

Analysts Set New Price Targets

GLW has been the topic of several recent analyst reports. Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. HSBC downgraded 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. UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $34.56.

Corning Stock Down 0.7 %

Shares of Corning stock opened at $31.29 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The firm’s 50-day moving average is $32.38 and its two-hundred day moving average is $30.37. The stock has a market cap of $26.76 billion, a price-to-earnings ratio of 46.69, a PEG ratio of 1.79 and a beta of 1.08.

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

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is currently 167.16%.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated 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 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 can be accessed through this link. Company insiders own 0.45% of the company’s stock.

Corning Company 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.