Simplicity Solutions LLC Sells 921 Shares of Corning Incorporated (NYSE:GLW)

Simplicity Solutions LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 8.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 9,520 shares of the electronics maker’s stock after selling 921 shares during the period. Simplicity Solutions LLC’s holdings in Corning were worth $290,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in GLW. Byrne Asset Management LLC boosted its stake in Corning by 5.2% in the 4th quarter. Byrne Asset Management LLC now owns 25,315 shares of the electronics maker’s stock valued at $774,000 after buying an additional 1,245 shares in the last quarter. Citizens National Bank Trust Department grew its holdings in shares of Corning by 17.9% in the 4th quarter. Citizens National Bank Trust Department now owns 33,937 shares of the electronics maker’s stock worth $1,033,000 after purchasing an additional 5,150 shares during the last quarter. New World Advisors LLC increased its position in shares of Corning by 3.5% during the 4th quarter. New World Advisors LLC now owns 11,800 shares of the electronics maker’s stock worth $359,000 after purchasing an additional 400 shares in the last quarter. Benedict Financial Advisors Inc. lifted its holdings in Corning by 5.2% during the 4th quarter. Benedict Financial Advisors Inc. now owns 96,504 shares of the electronics maker’s stock valued at $2,939,000 after purchasing an additional 4,730 shares during the last quarter. Finally, Sapient Capital LLC acquired a new position in Corning in the fourth quarter valued at about $341,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

NYSE:GLW opened at $31.27 on Friday. 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 stock’s 50 day moving average price is $32.31 and its two-hundred day moving average price is $30.39. The firm has a market capitalization of $26.75 billion, a price-to-earnings ratio of 46.67, a P/E/G ratio of 1.73 and a beta of 1.08.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the firm posted $0.47 EPS. The company’s quarterly revenue was down 12.1% on a year-over-year basis. On average, analysts anticipate that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Announces Dividend

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 was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. UBS Group lifted 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. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note 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. JPMorgan Chase & Co. increased their target price on shares of Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Finally, 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. One equities 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $34.56.

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.