Essex Financial Services Inc. Sells 361 Shares of Corning Incorporated (NYSE:GLW)

Essex Financial Services Inc. cut its position in shares of Corning Incorporated (NYSE:GLW) by 4.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,058 shares of the electronics maker’s stock after selling 361 shares during the quarter. Essex Financial Services Inc.’s holdings in Corning were worth $245,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of GLW. Mission Wealth Management LP raised its position in Corning by 10.6% in the 4th quarter. Mission Wealth Management LP now owns 14,398 shares of the electronics maker’s stock worth $438,000 after purchasing an additional 1,382 shares during the period. Van ECK Associates Corp grew its stake in shares of Corning by 26.4% during the fourth quarter. Van ECK Associates Corp now owns 121,662 shares of the electronics maker’s stock valued at $3,704,000 after buying an additional 25,408 shares during the last quarter. Little House Capital LLC purchased a new position in shares of Corning in the fourth quarter worth about $200,000. Intact Investment Management Inc. lifted its stake in shares of Corning by 56.2% in the 4th quarter. Intact Investment Management Inc. now owns 189,100 shares of the electronics maker’s stock valued at $5,758,000 after acquiring an additional 68,000 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Corning by 6.3% during the 4th quarter. Russell Investments Group Ltd. now owns 256,807 shares of the electronics maker’s stock valued at $7,837,000 after acquiring an additional 15,283 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at $1,034,266.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,988 shares of company stock valued at $3,984,964. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of analyst reports. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. UBS Group lifted their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. upped their price target on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Finally, Barclays upped their price objective 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus target price of $34.89.

Corning Trading Up 0.4 %

Shares of GLW opened at $33.72 on Friday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $36.01. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average price is $32.36 and its 200-day moving average price is $30.61. The firm has a market capitalization of $28.84 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the firm posted $0.41 EPS. The business’s revenue was down 11.5% on a year-over-year basis. Sell-side analysts anticipate that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.