Corning Incorporated (NYSE:GLW) Shares Sold by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC reduced its holdings in Corning Incorporated (NYSE:GLWFree Report) by 5.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 35,295 shares of the electronics maker’s stock after selling 2,111 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Corning were worth $1,075,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. M. Kulyk & Associates LLC increased its position in Corning by 12.5% during the 4th quarter. M. Kulyk & Associates LLC now owns 99,802 shares of the electronics maker’s stock worth $3,039,000 after purchasing an additional 11,127 shares in the last quarter. Rock Point Advisors LLC increased its position in shares of Corning by 6.1% during the fourth quarter. Rock Point Advisors LLC now owns 170,318 shares of the electronics maker’s stock worth $5,186,000 after acquiring an additional 9,743 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Corning by 24.2% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 55,834 shares of the electronics maker’s stock worth $1,700,000 after acquiring an additional 10,863 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Corning by 8.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 805,178 shares of the electronics maker’s stock valued at $24,260,000 after purchasing an additional 59,477 shares during the last quarter. Finally, Westpac Banking Corp increased its holdings in Corning by 22.0% during the 4th quarter. Westpac Banking Corp now owns 5,652 shares of the electronics maker’s stock worth $172,000 after purchasing an additional 1,021 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research analyst reports. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Mizuho started coverage on shares of Corning in a research report on Tuesday, May 7th. They issued a “neutral” rating and a $36.00 target price for the company. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. JPMorgan Chase & Co. boosted their price objective on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $35.00.

Get Our Latest Research Report on Corning

Corning Trading Up 0.4 %

Corning stock opened at $35.35 on Monday. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $30.28 billion, a price-to-earnings ratio of 49.79, a PEG ratio of 1.70 and a beta of 1.07. The firm has a 50-day moving average price of $32.73 and a two-hundred day moving average price of $31.18.

Corning (NYSE:GLWGet Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The business’s revenue was down 11.5% on a year-over-year basis. Sell-side analysts expect that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 3.17%. Corning’s payout ratio is 157.75%.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred 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 directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 239,841 shares of company stock valued at $7,971,257. Company insiders own 0.45% of the company’s stock.

Corning Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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