Harel Insurance Investments & Financial Services Ltd. Sells 2,473 Shares of Corning Incorporated (NYSE:GLW)

Harel Insurance Investments & Financial Services Ltd. lowered its holdings in Corning Incorporated (NYSE:GLW) by 22.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,706 shares of the electronics maker’s stock after selling 2,473 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Corning were worth $265,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Natixis Advisors L.P. grew its stake in shares of Corning by 5.9% during the third quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new stake in shares of Corning in the 4th quarter valued at $1,199,000. HB Wealth Management LLC raised its position in shares of Corning by 24.2% during the fourth 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 last quarter. SG Americas Securities LLC lifted its stake in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after acquiring an additional 40,564 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Corning by 6.6% in the third 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 acquiring an additional 490,638 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW stock opened at $31.29 on Tuesday. The company’s fifty day simple moving average is $32.38 and its 200-day simple moving average is $30.37. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $36.01. The firm has a market cap of $26.76 billion, a PE ratio of 46.69, a P/E/G ratio of 1.79 and a beta of 1.08.

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

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 yield of 3.58%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

Insiders Place Their Bets

In other Corning 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 completion of the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GLW. Susquehanna restated a “positive” rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. Barclays upped 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. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a report on Thursday, February 1st. JPMorgan Chase & Co. lifted their target price on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Finally, UBS Group increased their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. 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 company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $34.56.

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.