Greenleaf Trust Reduces Holdings in Corning Incorporated (NYSE:GLW)

Greenleaf Trust reduced its stake in Corning Incorporated (NYSE:GLW) by 41.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 7,805 shares of the electronics maker’s stock after selling 5,509 shares during the quarter. Greenleaf Trust’s holdings in Corning were worth $238,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in GLW. Peoples Bank KS acquired a new stake in Corning during the 3rd quarter worth approximately $25,000. OFI Invest Asset Management acquired a new stake in Corning during the 3rd quarter worth approximately $25,000. SRS Capital Advisors Inc. lifted its holdings in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Corning during the 4th quarter worth approximately $31,000. Finally, Emfo LLC acquired a new stake in Corning during the 4th quarter worth approximately $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now 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 hyperlink. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research report on Thursday, February 1st. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research report on Monday. One research 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $34.78.

Corning Trading Down 0.0 %

Shares of Corning stock opened at $31.52 on Thursday. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a market capitalization of $26.96 billion, a P/E ratio of 47.04, a PEG ratio of 1.75 and a beta of 1.08. The company’s fifty day moving average is $32.30 and its two-hundred day moving average is $30.43.

Corning (NYSE:GLW) last issued its quarterly earnings data 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 the consensus estimate of $3.26 billion. During the same period last year, the firm posted $0.47 EPS. Corning’s revenue for the quarter was down 12.1% on a year-over-year basis. Analysts forecast that Corning Incorporated will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.55%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

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.