Hennion & Walsh Asset Management Inc. Sells 638 Shares of Corning Incorporated (NYSE:GLW)

Hennion & Walsh Asset Management Inc. reduced its holdings in Corning Incorporated (NYSE:GLW) by 8.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,356 shares of the electronics maker’s stock after selling 638 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Corning were worth $337,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Sierra Ocean LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in Corning during the 4th quarter worth about $29,000. Vermillion Wealth Management Inc. acquired a new position in Corning during the 4th quarter worth about $29,000. Putney Financial Group LLC bought a new stake in Corning during the 4th quarter worth about $30,000. Finally, Mainstream Capital Management LLC bought a new stake in Corning during the 4th quarter worth about $35,000. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Soumya Seetharam sold 6,505 shares of the firm’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the transaction, the senior vice president now owns 25,000 shares in the company, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,796 shares of company stock worth $3,632,635. Company insiders own 0.40% of the company’s stock.

Corning Stock Down 0.2%

GLW stock opened at $50.74 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market capitalization of $43.46 billion, a price-to-earnings ratio of 87.48, a PEG ratio of 1.50 and a beta of 1.11. The business’s fifty day moving average price is $45.28 and its two-hundred day moving average price is $47.68. Corning Incorporated has a fifty-two week low of $36.58 and a fifty-two week high of $55.33.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.38 EPS. On average, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is currently 215.38%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. Oppenheimer lowered their price target on Corning from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. JPMorgan Chase & Co. reduced their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Citigroup cut their price target on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Mizuho set a $52.00 price target on Corning in a report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $53.08.

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.