Courier Capital LLC Lowers Stock Position in Corning Incorporated (NYSE:GLW)

Courier Capital LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 12.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,922 shares of the electronics maker’s stock after selling 3,455 shares during the period. Courier Capital LLC’s holdings in Corning were worth $728,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GLW. Peoples Bank KS purchased a new stake in Corning during the 3rd quarter worth $25,000. OFI Invest Asset Management purchased a new stake in Corning during the 3rd quarter worth $25,000. Janiczek Wealth Management LLC boosted its position in Corning by 173.6% during the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares during the period. Pacifica Partners Inc. purchased a new stake in Corning during the 3rd quarter worth $28,000. Finally, SRS Capital Advisors Inc. boosted its position 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 purchasing an additional 652 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

GLW traded up $0.32 on Wednesday, hitting $32.63. 942,163 shares of the company’s stock were exchanged, compared to its average volume of 4,809,374. The firm has a market cap of $27.91 billion, a PE ratio of 48.24, a P/E/G ratio of 1.85 and a beta of 1.08. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $36.01. The stock has a fifty day moving average of $32.01 and a two-hundred day moving average of $30.24. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. Corning’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 earnings per share. On average, research analysts anticipate that Corning Incorporated will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, February 29th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.43%. Corning’s dividend payout ratio (DPR) is 167.16%.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. UBS Group upped their price target on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. 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 report on Wednesday, January 31st. StockNews.com cut shares of Corning from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Hold” and a consensus price target of $32.88.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’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 sale, 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 is available through the SEC website. 0.40% of the stock is owned by company insiders.

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.